Allianz: shares up slightly after strong quarterly results
(CercleFinance.com) - German insurance giant Allianz posted a strong quarterly profit on Friday, fueled by growth at its property-casualty business.
Allianz shares, which have fallen by nearly 2% this year, were up 0.4% at 188 euros in morning trading today.
The Munich-based insurer announced third-quarter operating profit that was up 20.6% at 3 billion euros.
Allianz said it has benefited from lower claims from natural catastrophes in its property-casualty business, a better underlying claims development and lower expenses, as well as strong premium growth.
"During the first nine months of 2018 Allianz showed a strong performance across the board, now also supported by substantial productivity gains," said CEO Oliver Bäte.
Allianz said that it completed its latest share buy-back program in September 2018, with a volume of 1 billion euros, although did not announce any new buy-backs.
"It may come on November 30, when Allianz invites analysts and institutional investors to its Capital Markets Day in Munich," one trader said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Allianz shares, which have fallen by nearly 2% this year, were up 0.4% at 188 euros in morning trading today.
The Munich-based insurer announced third-quarter operating profit that was up 20.6% at 3 billion euros.
Allianz said it has benefited from lower claims from natural catastrophes in its property-casualty business, a better underlying claims development and lower expenses, as well as strong premium growth.
"During the first nine months of 2018 Allianz showed a strong performance across the board, now also supported by substantial productivity gains," said CEO Oliver Bäte.
Allianz said that it completed its latest share buy-back program in September 2018, with a volume of 1 billion euros, although did not announce any new buy-backs.
"It may come on November 30, when Allianz invites analysts and institutional investors to its Capital Markets Day in Munich," one trader said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.