Allianz’s P&C results were affected by unusually high levels of natural catastrophes. Credit: mares90/Shutterstock.com.

Allianz has reported net income of €2.13bn ($2.28bn) for the third quarter (Q3) of 2023, a dip of 29% compared with €3bn a year ago.

Revenue for the period that ended on 30 September 2023 increased by 4.5% to €36.5bn from €34.9bn in 2022.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The German insurance company’s property and casualty (P&C) business reported a revenue of €17.2bn, a 6.1% jump year-on-year (YoY).

Allianz chief financial officer Giulio Terzariol said the P&C results were affected by unusually high levels of natural catastrophes.

In Q3 2023, the life and health insurance unit’s new business premiums increased by 3.7% YoY to €17.5bn.

The insurer said growth in the life and health segment was driven by higher volumes in Italy and the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It was partly offset by negative financial impacts, mainly from discounting in Germany, France and Italy, as well as foreign currency translation effects in the US, Asia-Pacific and Turkey.

The developments in Allianz’s asset management business partially offset the growth.

In the first three quarters, asset management business revenue fell by 5.9% to €5.8bn from €6.1bn in the same period last year.

Allianz CEO Oliver Bäte said: “In the first nine months of this year, we have seen robust growth in our business volume, operating profit as well as core net income. We have also further strengthened our solvency position at 212%. Our focus on execution and operational efficiency is enabling our profitable growth with healthy margins, and this places Allianz on an excellent trajectory to achieve our targets.

“We confirm with confidence our operating profit target of €14.2bn, plus or minus €1bn. Our resiliency as a company reflects the distinctive advantages of our global scale, diversified business mix, and the industry-leading levels of trust and engagement that we have earned with our stakeholders.”