Allianz 3Q More Confident for 2022 After 3Q Results; Plans Buyback

By Ed Frankl

Allianz SE late Wednesday said that it is more optimistic for 2022 after third-quarter earnings grew, and that it is planning a share buyback that would start this month.

The German insurer said net income in the three months to the end of September was 2.46 billion euros ($2.46 billion), up about 17% a year earlier. Net income was driven by a rise in operating profit and higher realized gains, Allianz said.

The insurer said it now expects to reach the upper end of its target range for operating profit in 2022 of EUR12.4 billion to EUR14.4 billion.

Operating profit rose 7.4% to EUR3.48 billion in the quarter, supported by a strong performance in its property-casualty business segment, Allianz said. Revenue rose 1.3% to EUR34.8 billion.

The results compare with expectations for net profit of EUR2.30 billion and operating profit of EUR3.39 billion, according to analysts' consensus provided by the company.

Allianz plans a buyback of up to EUR1 billion, to start in mid-November and conclude by the end of next year. The repurchased shares will be canceled, it said.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

November 10, 2022 02:20 ET (07:20 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.