Allianz profit up 36.5% in third quarter

Allianz S.E. on Friday said third-quarter net income increased 36.5% €1.9 billion ($2.07 billion), due in part to better performance across its business segments and lower catastrophe costs.

Gross premiums written held steady at €11.5 billion ($12.53 billion) in the property/casualty segment, the Munich-based insurer said in a statement. 

The property/casualty insurance segment posted “robust internal revenue growth” of 3.1% when adjusted for currency and consolidation effects, mostly due to positive developments in Turkey, Allianz Worldwide Partners and Australia. Of that, price and volume effects contributed 1.6% and 1.5%, respectively, Allianz said in the statement.

The underwriting result benefited from a benign natural catastrophe environment and lower large losses, Allianz said.

The combined ratio for the quarter improved to 93.5% from 94.1%.

“The rate of internal growth at over 3% is a clear signal that the Property and Casualty business is robust,” Dieter Wemmer, chief financial officer of Allianz, said in the statement.