Allianz 3Q Net Profit Grew

By Cecilia Butini

Allianz SE said Friday that net profit grew on year and revenue declined slightly in the third quarter.

The German insurance company posted net profit of 2.06 billion euros ($2.44 billion) for the quarter compared with EUR1.95 billion the year before. The increase was due to a higher non-operating investment result, which was then partly offset by higher restructuring and integration expenses and by lower operating profit, the company said.

Operating profit fell slightly to EUR2.91 billion in the third quarter from EUR2.98 billion a year prior.

In the first nine months, operating profit dropped to EUR7.78 billion from EUR9.10 billion the year prior, a decline which the company attributed to the coronavirus pandemic.

Revenue in the third quarter dropped to EUR31.4 billion from EUR33.4 billion the previous year.

The insurer's solvency II ratio came in at 192% as of the end of the third quarter.

The company added that in light of the economic uncertainties due to the pandemic, it is discontinuing the 2020 share buyback program it previously suspended, and won't execute the outstanding part of the program, which amounts to EUR750 million.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

November 06, 2020 01:45 ET (06:45 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.