Allianz Makes Q3 Net Profit Of €1.32 Billion

GEORGE FREY

FRANKFURT (AP) — German insurer Allianz SE said Monday it posted a net profit in the third quarter from a loss a year ago due to improved revenue in life and health insurance and financial services.

Allianz, based in Munich, said net income rose to €1.32 billion ($1.96 billion) from a loss of €2 billion in the third quarter a year ago.

Revenue in the July-September period rose 4.3 percent to more than €22 billion from €21.1 billion in the third quarter of 2008.

"Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the 'new normal' of a challenging market environment with structurally lower returns," Oliver Baete, Allianz' chief financial officer said in the company's report.

"Allianz is well capitalized and our solvency ratio has a firm base founded on a high quality investment portfolio and conservative risk management approach," Baete said.

Investors were pleased by the results and the outlook and pushed the shares 4.3 percent higher to €82.61 in Frankfurt morning trade.