GERMANY – Allianz???s profits rise in first nine months of 2012

OLIVER BÄTE, CFO OF ALLIANZ

Citing strong underwriting results, Allianz S.E. reported net income of ¤4.20 billion (USD 5.39 billion), an 87.3 percent increase over the same period in 2011. 

Gross written premiums rose 4.6 percent in the nine-month period to ¤36.92 billion (USD 47.40 billion), while Munich-based Allianz’s combined ratio improved to 96.6 percent, compared with 97.9 percent in the same period of 2011. 

On a quarterly basis, Allianz reported third-quarter net income of ¤1.44 billion (USD 1.85 billion), a 457.0 percent increase over the same period a year ago. Gross written premiums rose 5.2 percent to ¤11.39 billion (USD 14.62 billion), while Allianz’s third-quarter combined ratio was 96.3 percent, an improvement over the 97.6 percent ratio the company recorded in the third quarter of 2011. 

“Our property and casualty insurance business has benefited from positive pricing effects and lower claims from natural catastrophes, so our focus will remain on securing profitable growth,” said Oliver Bäte, CFO of Allianz.