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Allianz Q3 revenues up 11%

Allianz Group has reported revenues of €24.5bn for the third quarter of 2010, up 11.4% compared to €22bn for the corresponding period of 2009.

Quarterly operating profit grew by 2.3% to €2.1bn, from €2bn in the third quarter of last year.

Quarterly net income of €1.3bn was impacted by a higher tax expense. Compared to €1.4bn in third quarter 2009, net income decreased by 8.8%.

In the Property and Casualty business, gross premiums written increased by 3.6% to €10.6bn, compared to €10.2bn in third quarter 2009.

In the Life/Health segment, revenues grew by 16.4% to €12.6bn, compared to

€10.8bn in third quarter 2009.

The Asset Management business achieved an operating profit of €521m, up 41.6% compared to €368m in third quarter 2009.

Total assets under management grew by 25.5% to €1.44 trillion as of 30 September 2010, compared to €1.150 trillion at the end of the third quarter 2009.

Allianz CEO Michael Diekmann said, with this strong performance, the company expects that the full-year operating profit to trend towards the upper end of target range of around €7.2b plus or minus €500m.

“Also, for the first time since 2005 we are likely to end the year with total revenues above €100bn, Diekmann said.