Allianz: resists catastrophe claims, on track for 2017 goal.
(CercleFinance.com) - Allianz's performance resisted well in the third quarter, even though natural catastrophe claims rose, Europe's biggest insurer said on Friday.
The German company said that it managed to weather the decline in its operating profit, which fell to 2.5 billion euros in the past quarter, from 3 billion euros one year ago, despite 529 million euros of losses from natural catastrophes.
The group said it absorbed higher claims, mainly resulting the from US hurricanes, but also from the Mexican earthquakes.
Allianz's total revenues rose 2.1% compared to the third quarter of 2016, reaching 28.3 billion euros, thanks to a strong performance in the life and health business segment.
"Third quarter results were robust, given the massive natural catastrophe events that impacted our property and casualty segment," said chief executive Oliver Bäte.
Setting aside claims from catastrophes, the property and casualty insurance segment is on track to meet its 2018 target of a combined ratio of 94%, the group said in a statement.
As a result, Allianz shares were up 1% at 202.4 euros in Frankfurt this morning.
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