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December, 9, 2016

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Allianz raises full-year forecasts after favorable quarterly showing

FRANKFURT--German insurance giant Allianz said Tuesday it was raising its full-year profit targets after a better-than-expected third quarter.

"Allianz Group achieved an operating profit of 2.5 billion euros (US$3.2 billion) in the third quarter due to a better-than-expected performance across all segments, especially in asset management," Allianz said in a statement.

Net income rose to 1.4 billion euros in the third quarter, it added.

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