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Allianz Group Q3 Revenues Up 5.2%

Revenues grew to E22.0 billion, compared to E21.1 billion in Q3 of 2008

Allianz Group has reported results for the third quarter of 2009. The total quarterly revenues grew by 5.2% on an internal basis to E22.0 billion, compared to E21.1 billion in the third quarter of 2008.

At E1.9 billion, the quarterly operating profit reached its highest level since second quarter of 2008. Compared to the previous year’s third quarter, this also represents an increase of 23.4%.

The quarterly net income from continuing operations improved significantly by 143% to E1.3 billion, compared to E545m in the third quarter of 2008. Allianz Group’s strong capital position further improved with a solvency ratio of 164% at September 30, 2009, including dividend accrual. Compared to June 30, 2009, shareholders’ equity increased by 14% to E39.4 billion.

Oliver Bäte, CFO of Allianz SE, said: “Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the ‘new normal’ of a challenging market environment with structurally lower returns. Allianz is well capitalised and our solvency ratio has a firm base founded on a high quality investment portfolio and conservative risk management approach.”