Allianz Q3 Results Climb; Now Sees Upper Half Of FY24 Outlook

(RTTNews) - German financial services major Allianz SE (ALIZY) reported Wednesday that its third-quarter net income attributable to shareholders climbed 22 percent to 2.47 billion euros from last year's 2.02 billion euros, driven by a higher operating profit, and a better non-operating result.

Shareholders' core net income reached 2.53 billion euros, an increase of 23 percent from 2.06 billion euros a year ago. Core earnings per share improved 25 percent to 6.54 euros from 5.22 euros last year.

Operating profit increased 13.6 percent from last year to 3.9 billion euros, primarily attributable to improved results in the Property-Casualty segment, and also in the Life/Health segment.

Total business volume advanced 17.3 percent to 42.8 billion euros from 36.5 billion euros a year ago.

Thes increase was driven by sustained momentum across its insurance segments. Adjusted for foreign currency translation and consolidation effects, internal growth was 19.1 percent.

Looking ahead, for fiscal 2024, Allianz now projects to reach upper half of previously given outlook, following the strong performance in the first nine months of the year.

Allianz now expects the 2024 operating profit to be in the upper half of the target range of 14.8 billion euros, plus or minus 1 billion euros.

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