Allianz has reported web revenue of €2.13bn ($2.28bn) for the third quarter (Q3) of 2023, a dip of 29% in contrast with €3bn a yr in the past.
Income for the interval that ended on 30 September 2023 elevated by 4.5% to €36.5bn from €34.9bn in 2022.
The German insurance coverage firm’s property and casualty (P&C) enterprise reported a income of €17.2bn, a 6.1% leap year-on-year (YoY).
Allianz chief monetary officer Giulio Terzariol mentioned the P&C outcomes had been affected by unusually excessive ranges of pure catastrophes.
In Q3 2023, the life and medical insurance unit’s new enterprise premiums elevated by 3.7% YoY to €17.5bn.
The insurer mentioned progress within the life and well being section was pushed by larger volumes in Italy and the US.
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It was partly offset by adverse monetary impacts, primarily from discounting in Germany, France and Italy, in addition to overseas forex translation results within the US, Asia-Pacific and Turkey.
The developments in Allianz’s asset administration enterprise partially offset the expansion.
Within the first three quarters, asset administration enterprise income fell by 5.9% to €5.8bn from €6.1bn in the identical interval final yr.
Allianz CEO Oliver Bäte mentioned: “Within the first 9 months of this yr, we have now seen sturdy progress in our enterprise quantity, working revenue in addition to core web revenue. We’ve got additionally additional strengthened our solvency place at 212%. Our give attention to execution and operational effectivity is enabling our worthwhile progress with wholesome margins, and this locations Allianz on a superb trajectory to attain our targets.
“We affirm with confidence our working revenue goal of €14.2bn, plus or minus €1bn. Our resiliency as an organization displays the distinctive benefits of our world scale, diversified enterprise combine, and the industry-leading ranges of belief and engagement that we have now earned with our stakeholders.”