Munich, Nov. 10, (dpa/GNA) - German insurance group Allianz reported that its third quarter net income attributable to shareholders rose to €2.5 billion from the prior year’s €2.1 billion, as a result of operating profit growth and higher realized gains, primarily driven by the Voya transaction.
Earnings per share were €6.02 up from €5.01 in the previous year.
Allianz also announced a new share buy-back program of up to €1 billion. The program shall start mid-November 2022 and be finalized by December 31, 2023, at the latest.
The company expects 2022 operating profit to be in the upper half of the target range of €13.4 billion, plus or minus €1 billion.
Operating profit for the third quarter increased 7.4% year-over-year to €3.5 billion, driven by improved investment and underwriting results in the Property-Casualty segment.
This was partially offset by the Life/Health business segment, impacted by variable-annuity products in the United States as well as a softer net harvesting result in Germany.
Operating profit from the Asset Management business segment was also impacted by market developments.
Total revenues for the quarter increased 1.3% to €34.8 billion from last year, driven by the Property-Casualty business segment, with positive price effect and volume growth.
This was partially offset by the Life/Health business segment, primarily due to softer sales in Italy and Germany. The Asset Management business segment was slightly down as a result of lower assets under management (AuM)-driven revenues and performance fees.
Internal revenue growth, which adjusts for foreign currency translation and consolidation effects, was minus 3.7%.
GNA