By Ed Frankl 
 

Allianz SE on Wednesday guided full-year profits to the higher end of its range, as it posted third-quarter earnings that beat expectations.

The German insurer said operating profit would now be at the top end of its target range of 12 billion euros ($13.91 billion), plus or minus EUR1 billion.

The Munich-based company posted operating profit of EUR9.9 billion in the year to date.

In the quarter to the end of September, net profit was EUR2.11 billion, compared with EUR2.06 billion a year earlier, the company said.

Quarterly operating profit rose 11.3% to EUR3.24 billion, driven by Allianz's asset management and life/health business segments, and even after higher claims from natural catastrophes in the quarter, the company said.

However, the strong result was offset by a decrease in nonoperating investment result, Allianz said.

Analysts had expected net profit at EUR2.04 billion and operating profit at EUR3.05 billion, according to a company-compiled consensus.

Pimco and Allianz Global Investors recorded strong net inflows, while assets under management have reached a record level, Chief Financial Officer Giulio Terzariol said.

Group sales in the third quarter rose 9.5% to EUR34.4 billion, driven by all business segments, the company said.

No details were given in Allianz's earnings release on continuing investigations by the U.S. Securities and Exchange Commission and the Justice Department into structured finance losses.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

November 10, 2021 01:46 ET (06:46 GMT)

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