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Insurer Allianz's profits rise in first nine months of 2012

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Citing strong underwriting results, Allianz S.E. reported net income of €4.20 billion ($5.39 billion) on Friday, an 87.3% increase over the same period in 2011.

Gross written premiums rose 4.6% in the nine-month period to €36.92 billion ($47.40 billion), while Munich-based Allianz's combined ratio improved to 96.6%, compared with 97.9% in the same period of 2011.

On a quarterly basis, Allianz reported third-quarter net income of €1.44 billion ($1.85 billion), a 457.0% increase over the same period a year ago. Gross written premiums rose 5.2% to €11.39 billion ($14.62 billion), while Allianz's third-quarter combined ratio was 96.3%, an improvement over the 97.6% ratio the company recorded in the third quarter of 2011.

“Our property and casualty insurance business has benefited from positive pricing effects and lower claims from natural catastrophes, so our focus will remain on securing profitable growth,” Oliver Bäte, CFO of Allianz, said in a statement.