Allianz raises full-year forecasts

German insurance giant Allianz said Tuesday it was raising its full-year profit targets after a better-than-expected third quarter. "Allianz Group achieved an operating profit of 2.5 billion euros ($3.2 billion) in the third quarter due to a better-than-expected performance across all segments, especially in asset management," Allianz said in a statement. Net income rose to 1.4 billion euros in the third quarter, it added. "Following the strong operating performance, Allianz expects the 2012 full year operating profit to exceed 9.0 billion euros, assuming a normal business development during the remainder of the year," it said. "Net income growth will be comparatively lower," however due to restructuring and scaling back of risky investments, Allianz said. In 2011, Allianz's net profit stood at 2.8 billion euros and operating profit at 7.9 billion euros. Allianz said it would publish full details of its third-quarter earnings on November 9.