FRANKFURT– German insurance giant Allianz on Friday reported a slight rise in third-quarter profit, though revenues declined and it did not update its full-year outlook, as the company weathered the challenge of the pandemic.
The Munich-based insurer made a net profit to the end of September of €2.1 billion (RM10.33 billion), up 5.9% year-on-year.
Operating profit declined 2.6% and revenues by 6.1% to €31.4 billion.
The results were “solid in an environment that will remain challenging”, chief executive officer Oliver Baete said in a statement.
Allianz has not published a new profit forecast for the full year. In April, it withdrew its initial forecast of operating profit of between €11.5 billion and €12.5 billion.
Operating profit in its property-casualty unit fell by 2.4% as the negative effects of the pandemic were offset by lower reimbursements on natural disasters.
The insurer’s life/health division saw sales fall by 9% year-on-year due to lower premium volumes on retirement savings products, especially in the United States and Germany.
In the nine months to September, Allianz said the “adverse impacts” from the pandemic amounted to €1.3 billion, causing operating profit to fall 14.6% in the year to date compared with the same point in 2019. – AFP, November 6, 2020
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