Allianz: shares up slightly after strong quarterly results

(CercleFinance.com) - German insurance giant Allianz posted a strong quarterly profit on Friday, fueled by growth at its property-casualty business.


Allianz shares, which have fallen by nearly 2% this year, were up 0.4% at 188 euros in morning trading today.

The Munich-based insurer announced third-quarter operating profit that was up 20.6% at 3 billion euros.

Allianz said it has benefited from lower claims from natural catastrophes in its property-casualty business, a better underlying claims development and lower expenses, as well as strong premium growth.

"During the first nine months of 2018 Allianz showed a strong performance across the board, now also supported by substantial productivity gains," said CEO Oliver Bäte.

Allianz said that it completed its latest share buy-back program in September 2018, with a volume of 1 billion euros, although did not announce any new buy-backs.

"It may come on November 30, when Allianz invites analysts and institutional investors to its Capital Markets Day in Munich," one trader said.

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