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FRANKFURT (Reuters) – Allianz (DE:ALVG) on Wednesday raised its outlook for the full year after posting a better-than-expected 2.3% rise in third-quarter net profit, as the German insurer emerges from business pressures caused by the coronavirus pandemic.
The company signaled that it expected operating profit in 2021 to be close to 13 billion euros ($15 billion), up from previous guidance of between 12 billion and 13 billion euros.
Net profit attributable to shareholders of 2.111 billion euros in the three months through September compares with 2.063 billion euros a year earlier. The figure beat a 2.044 billion euro consensus forecast.
Chief Executive Officer Oliver Baete said it was the company’s strongest ever third quarter.
The “solid numbers” proved that Allianz can show a healthy financial performance despite extreme weather and macroeconomic developments, Baete said.
Allianz said it expected operating profit in 2021 to be in the “higher end” of a targeted range of between 11 billion euros and 13 billion euros. That is an upgrade from previous guidance of the “upper half” of that range.
The company made no mention of a case that is under investigation by U.S. authorities regarding its Structured Alpha group of funds.
($1 = 0.8655 euros)
