FRANKFURT, Nov 9 (Reuters) – German insurer Allianz on Wednesday posted a better-than-expected 17% rise in third-quarter web revenue, helped by power at its property and casualty division, and gave a extra optimistic full-year outlook.
Web revenue attributable to shareholders was 2.464 billion euros ($2.47 billion) within the quarter in comparison with 2.111 billion euros a 12 months earlier. The determine surpassed a 2.320 billion euro consensus forecast.
Allianz has been making an attempt to return to enterprise as ordinary after its U.S. funds unit was dogged with a fraud case that resulted in a $6 billion settlement U.S. authorities in Could.
The matter solid a shadow over Allianz, one among Germany’s most precious firms. It’s also one of many world’s greatest cash managers by means of bond large Pimco and its Allianz World Buyers, which managed the funds on the centre of the probes.
Germany’s monetary watchdog BaFin has known as on Allianz to enhance its inner controls in its wake.
Chief Govt Officer Oliver Baete mentioned the quarterly outcomes show the corporate’s resilience “amid a dramatic geopolitical and market atmosphere”.
Revenues on the property and casualty division rose 14% within the quarter from a 12 months earlier, compensating for declines in its life and well being divisions and asset administration.
Allianz mentioned working revenue in 2022 can be within the higher half of its beforehand acknowledged vary of 12.4 billion euros to 14.4 billion euros. The “higher half” is new steering and rosier than earlier than.
Individually, the corporate introduced a 1 billion euro share buyback programme, which might begin in the course of November and conclude by the tip of subsequent 12 months on the newest.
($1 = 0.9995 euros)
Reporting by Tom Sims, Alexander Huebner, Thomas Escritt; Modifying by Chris Reese and Josie Kao
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