Allianz Guides 2021 Profit to Top End of Range
November 10 2021 - 2:01AM
Dow Jones News
By Ed Frankl
Allianz SE on Wednesday guided full-year profits to the higher
end of its range, as it posted third-quarter earnings that beat
expectations.
The German insurer said operating profit would now be at the top
end of its target range of 12 billion euros ($13.91 billion), plus
or minus EUR1 billion.
The Munich-based company posted operating profit of EUR9.9
billion in the year to date.
In the quarter to the end of September, net profit was EUR2.11
billion, compared with EUR2.06 billion a year earlier, the company
said.
Quarterly operating profit rose 11.3% to EUR3.24 billion, driven
by Allianz's asset management and life/health business segments,
and even after higher claims from natural catastrophes in the
quarter, the company said.
However, the strong result was offset by a decrease in
nonoperating investment result, Allianz said.
Analysts had expected net profit at EUR2.04 billion and
operating profit at EUR3.05 billion, according to a
company-compiled consensus.
Pimco and Allianz Global Investors recorded strong net inflows,
while assets under management have reached a record level, Chief
Financial Officer Giulio Terzariol said.
Group sales in the third quarter rose 9.5% to EUR34.4 billion,
driven by all business segments, the company said.
No details were given in Allianz's earnings release on
continuing investigations by the U.S. Securities and Exchange
Commission and the Justice Department into structured finance
losses.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 10, 2021 01:46 ET (06:46 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Sep 2024 to Oct 2024
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Oct 2023 to Oct 2024