Allianz has 3rd consecutive strong quarter with total revenues for Q3 at 25 bil. euros
The China Post news staffIn the third quarter of 2012 Allianz continued its momentum from the first half of the year. As in the first two quarters, revenues, operating profit and net income increased in comparison to respective quarters in 2011.
November 23, 2012, 12:30 am TWN
Total revenues for the third quarter of 2012 grew to 25.2 billion euros from 24.1 billion euros in the third quarter of 2011, an increase of 4.7 percent. Quarterly operating profit rose 32.8 percent to 2.5 billion euros from 1.9 billion euros in the third quarter of 2011. All three business segments saw improvements.
Net income reached 1.4 billion euros for the third quarter of 2012, compared to 258 million euros in the third quarter of 2011. In the previous year, misjudgment on financial sector investments and Greek sovereign bonds heavily impacted net income.
The conglomerate solvency ratio as of Sept. 30 was 190 percent, an increase of 4 percentage points from 186 percent as of June 30. Shareholders' equity over the same period grew 8.1 percent to 51.915 billion euros from 48.013 billion euros.
Following this strong operating performance, Allianz expects the 2012 full year operating profit to exceed 9 billion euros, assuming no adverse developments during the remainder of the year. Net income development will continue to be influenced by balance sheet strengthening, including investment de-risking and restructuring activities.
“The third quarter contributed significantly to our very strong nine-month results,” said Michael Diekmann, CEO of Allianz SE.