Allianz posts 30% fall in Q3 profit on claims, sticks to full year guidance

FRANKFURT: Germany's Allianz on Friday posted a better-than-expected 30% fall in third-quarter net profit, dragged down by claims from natural catastrophes, but stuck to its full-year profit guidance.

Net profit attributable to shareholders of 2.021 billion euros ($2.16 billion) in the three months through September compares with 2.866 billion euros a year earlier. The figure surpassed a 1.989-billion-euro consensus forecast.

The company, one of Europe's largest financial services groups, described the level of claims as "exceptionally high".

Allianz nevertheless stuck to its target of 2023 operating profit between 13.2 billion and 15.2 billion euros.

The quarterly profit decline contrasts with profit gains over the past few quarters as the company recovered from losses related to the war in Ukraine, jittery markets and the lingering pandemic.

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