Allianz confident for 2017 after hurricane-battered Q3
Berlin, (MILLAT ONLINE):German insurer Allianz reported plunging profits for the third quarter as a series of natural disasters undermined its earnings, but said it was on track to hit its full-year targets.
The Munich-based group on Thursday reported a net profit down 17.3 percent year-on-year at 1.6 billion euros ($1.9 billion) between July and September.
Revenues increased 2.1 percent, to 28.3 billion euros, while operating, or underlying profit fell 17.3 percent, to 2.5 billion.
“Third quarter results were robust, given the massive natural catastrophe events that impacted our
property and casualty segment” such as hurricanes Harvey, Irma and Maria, chief executive Oliver Baete said in a statement.
The group’s property and casualty division was the worst hit by the disasters, with operating profit shrinking by 28 percent year-on-year in the third quarter, while the life and health insurance and asset management units both increased operating profits.