Allianz Q3 net income stood at 1.32 bn euros

Global insurer Allianz reported its third quarter net income at 1.32 billion euros.

Global insurer Allianz reported its third quarter net income at 1.32 billion euros (about USD 1.97 billion),driven by strong performance in life and health business and financial services segment.

In the year-ago period,the company had a net loss of 2.02 million euros,Allianz said in a statement.

Total revenues grew to 22 billion euros in the quarter under review from 21.1 billion euros in the same quarter last fiscal.

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“Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the.challenging market environment,” its CFO Oliver Bate said.

Allianz said its life and health insurance business was a major contributor to the improvement of the overall result.

In the life and health insurance business’ operating profit rose to 859 million euros in the July to September quarter of 2009 as against 218 million euros in year-ago.

“Our Life and Health business is performing very well and nearly all markets contributed to this excellent result.

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Italy,Switzerland,Germany and Asia-Pacific recorded double digit growth in premiums,” Bate said.

During the quarter,financial services segment’s revenues grew by 22.5 percent to 1.1 billion euros,helped by higher fee and commission income from the Asset Management business.

In the financial services segment operating profit at 332 million euros almost doubled compared to 167 million euros in the third quarter of 2008.

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