Allianz Group has posted a net income attributable to shareholders of €2.5bn for Q3 2024, compared with €2bn in the same quarter of 2023, as a result of higher operating profit.
In Q2 2024, Allianz reported a net income of €2.66bn.
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The company’s operating profit reached €3.9bn in Q3 2024, a 13.6% rise from €3.5bn a year ago.
This performance was largely due to the property-casualty business, with the life/health segment too recording good growth.
In the property-casualty segment, total business volume increased by 8% to €18.6bn in Q3 2024 from €17.2bn in Q3 2023.
The life/health segment reported a 35.4% surge in the present value of new business premiums to €19.5bn, with strong growth across most regions.
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By GlobalDataShareholders’ core net income improved to €2.5bn in Q3 2024, a 23% increase from €2bn a year earlier.
For the first nine months of 2024, operating profit stood at €11.8bn, a 7.9% increase from €10.9bn in the prior year, with all business segments contributing to this growth.
Net income attributable to shareholders rose by 16.7% to €7.5bn from €6.3bn in this period.
Allianz CEO Oliver Bäte said: “Allianz continued our strong performance through the third quarter, achieving strong growth in business volume, operating profit and net income, while reinforcing our financial strength.
“Natural catastrophes have again tested Allianz’s financial and operational resilience, tests which we have successfully passed, giving us the confidence to now expect an operating profit in the upper half of our target range. These events profoundly affected many of our customers, but they also presented us with another opportunity to demonstrate our purpose and deliver the security of being insured by Allianz.”
After a “strong performance” in the first nine months of the year, Allianz now forecasts its 2024 operating profit to reach the upper half of its target range of €14.8bn, with a variance of plus or minus €1bn.
