Print Edition - 2017-11-11  |  Money Digest

Allianz profit down 17.3pc in third quarter


Nov 11, 2017-

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.

Published: 11-11-2017 07:58

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