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Allianz rises on Q3 earnings beat

Published 13-11-2024, 04:20 pm
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Investing.com -- Shares of Allianz (ETR:ALVG) rose after the company reported solid third-quarter results for 2024, surpassing market expectations in key areas of its operations. 

At 5:49 am (1049 GMT), Allianz was trading 1.2% higher at €286.35.

Allianz’s performance was driven by strength in its Property & Casualty (P&C) division, which posted a 5% higher operating profit than expected, reaching €1,969 million. 

This division's combined ratio improved to 93.5%, a slight but positive change from last year, benefiting from reduced natural catastrophe impacts.

The Life segment also performed strongly, with new business volumes exceeding forecasts by 20%, largely due to gains in markets like the U.S. and Germany. 

This segment's operating profit came in 3% above consensus, while the new business margin rose to 6.1%. 

Additionally, the solvency ratio improved to 209%, adding a degree of financial stability and reflecting lower mark-to-market pressures.

Allianz's asset management arm had a slightly weaker quarter, with net inflows falling below expectations by 27%. 

Despite this, the division reported total assets under management of €1.84 trillion, benefiting from market gains and inflows in its flagship PIMCO unit. 

Allianz updated its outlook for operating profit in 2024 to the higher end of its initial guidance. 

“However, we continue to argue that expectations into the CMD on December 10 leave limited room for upside surprise,” said analysts at Morgan Stanley (NYSE:MS) in a note.

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