DGAP-News

Allianz SE: Allianz with double-digit growth in revenues and net income in third quarter of 2014

DGAP-News: Allianz SE / Key word(s): Quarter Results
Allianz SE: Allianz with double-digit growth in revenues and net
income in third quarter of 2014

06.11.2014 / 22:30

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* Total revenues increase 14.5 percent to 28.78 billion euros
* Operating profit up 5.2 percent to 2.65 billion euros
* Net income attributable to shareholders grows by 11.2 percent to 1.61
billion euros
* Operating profit outlook confirmed: upper end of target range of 10.5
billion euros in reach
* New dividend policy increases pay-out ratio to 50 percent of Allianz
Group net income

In the third quarter of 2014, Allianz Group continued its strong
development from the first half of the year. Total quarterly revenues
increased 14.5 percent to 28.78 (third quarter of 2013: 25.14) billion
euros. Operating profit stood at 2.65 (2.52) billion euros, up 5.2 percent.
Net income attributable to shareholders increased 11.2 percent to 1.61
(1.45) billion euros.

The positive development is also evident over the first nine months of the
year. Total revenues rose 9.8 percent to 92.20 (83.97) billion euros.
Operating profit was up 6.0 percent to 8.14 (7.68) billion euros. Net
income attributable to shareholders increased 5.5 percent to 5.00 (4.74)
billion euros.

The segment Property and Casualty insurance again marked a strong quarter
both in revenues and operating profit. Operating profit for the segment
grew due to higher underwriting and investment results. In the Life and
Health insurance segment, statutory premiums increased by nearly 25
percent. In the segment Asset Management, operating profit reached its
highest quarterly level in 2014.

The conglomerate solvency ratio was 184 percent as of September 30, 2014.
This represented an increase of 3 percentage points compared to December
31, 2013. Shareholders' equity rose 16.2 percent to 58.2 billion euros from
50.1 billion euros as of December 31, 2013.



"Strong internal growth in the Property and Casualty segment, continued
high demand for life insurance products and good operating profit in the
Asset Management segment show that we are on the right track for 2014,"
said Dieter Wemmer, CFO of Allianz SE. "Our results confirm our outlook
that the upper end of the operating profit target range at 10.5 billion
euros is in reach."


Property and Casualty insurance operating profit up by 15.2 percent

Gross premiums written in Property and Casualty insurance increased 5.7
percent to 11.25 (10.65) billion euros in the third quarter. Adjusted for
foreign exchange and consolidation effects, internal growth of 4.7 percent
was driven in particular by the business development in the UK, by strong