Allianz: third-quarter results in line, shares down
(CercleFinance.com) - Allianz, Europe's second biggest insurer, reached market forecasts in the third quarter, with net profit of 1.
9 billion euros, up 0.6% year-on-year, in particular boosted by its asset management unit.
Allianz posted net income on Friday that was boosted by strong net inflows in its asset management division, with third-party assets under management (AuM) up by 90 billion euros to 1,681 billion euros in the quarter.
Operating profit remained flat, at 3 billion euros, the group said.
In the first nine months of 2019, its operating profit rose by 4.2% to 9.1 billion euros, mainly due to a one-off profit from its life/health business in the United States.
Looking ahead, Allianz has said that it is now targeting the upper half of its operating profit outlook range for 2019, despite "a significant increase in external challenges".
Its Solvency II capitalisation ratio fell to 202%, from 229% a year ago, which was deemed "a bit weaker" by analysts.
As a result, the Allianz stock was trading 1.8% lower this morning in Frankfurt.
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