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Allianz posts better-than-expected 2.3% rise in Q3 net profit -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Allianz SE logo is visible on the Puteaux company building, near Paris in France’s financial district and business district La Defense, France. May 14, 2018, 8:01 p.m. REUTERS/Charles Platiau

FRANKFURT, Reuters – Allianz (DE) reported Wednesday a 2.3% increase in its third quarter net profit. This is despite the pressure from business due to the coronavirus pandemic.

It also stated that its target range for operating profit was between 11 billion euros ($12.7billion) and 13billion euros in 2021. It had previously stated that it would fall in the upper half of this range.

The net profit attributable shareholders was 2.111 billion euro in the three-months through September, compared to 2.063 billion euros one year ago. It beat the 2.044 trillion euro consensus forecast.

Oliver Baete was Chief Executive Officer and stated it was the strongest quarter in company history.

He said that the “solid numbers” showed that Allianz could show healthy financial results despite adverse weather conditions and macroeconomic changes.

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