MUNICH (dpa-AFX) - German insurance and asset management company Allianz SE (AZSEY.PK) reported a profit for the third-quarter of 2019 that slightly increased by 0.6 percent from last year, reflecting a higher non-operating investment result and a lower tax rate were offset by a normalization of the result attributable to non-controlling interests.
'We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges,' said Oliver Bäte, Chief Executive Officer of Allianz.
For 2019, the company now expects operating profit to be in upper half of target range of 11.5 billion euros, plus or minus 500 million euros.
The company reported that its third-quarter net income attributable to shareholders increased by 0.6 percent to 1.95 billion euros from 1.94 billion euros in the same quarter last year. Earnings per share rose 2.6 percent to 4.66 euros from 4.54 euros in the prior year.
Operating profit for the third-quarter was 2.98 billion euros, compared to 2.99 billion euros in the prior year.
Total revenues for the third-quarter grew 8.1 percent to 33.4 billion euros from 30.9 billion euros last year.
Property-Casualty insurance's operating profit for the third-quarter decreased 10.4 percent to 1.3 billion euros from the previous year. Total revenues rose by 6.3 percent to 13.2 billion euros from the prior year.
Life/Health insurance's quarterly operating profit rose to 1.08 billion euros from the prior year's 1.05 billion euros, largely due to the volume growth in the German life insurance business and in the Asia-Pacific region, as well as due to an improved technical margin in most of businesses. This development was partly offset by a lower investment margin.
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