
German insurance giant Allianz said Friday that net profit soared nearly seven-fold in the third quarter, as year-earlier figures had been hit by heavy writedowns on its holdings of Greek bonds. On the back of the strong performance, Allianz upheld its full-year forecast for operating profit of more than 9.0 billion euros ($11.5 billion). Allianz said in a statement it booked bottom-line net profit of 1.344 billion euros in the period from July to September, compared with 196 million euros a year earlier. Operating profit grew by 32.8 percent to 2.532 billion euros on a 4.7-percent increase in revenues to 25.2 billion euros, the statement said. "In the third quarter, we continued momentum from the first half of the year," the company boasted, saying that all three business segments -- property and casualty, life and health and asset management -- saw improvements. "Following the strong operating performance, we expect full-year operating profit to exceed 9.0 billion euros, assuming no adverse developments during the remainder of the year," Allianz said. "Net income development will continue to be influenced by balance sheet strengthening including investment de-risking and restructuring activities," it said.
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:23 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 16:34 2018 Tuesday ,13 November
Amazon announces new headquarters in New York and WashingtonGMT 16:51 2018 Monday ,12 November
Egypt's exports to Nile basin countries reached EGP 19.9 bln in 2017: CAPMASGMT 08:11 2018 Friday ,09 November
Kaspersky Lab CEO suggests replacing cybersecurity with 'cyber-immunity'GMT 14:00 2018 Thursday ,08 November
Namibian enterprise endeavours to seize opportunities at China import expoMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor