by Staff Writers
Berlin (AFP) Nov 10, 2017
German insurer Allianz reported plunging profits for the third quarter as a series of natural disasters undermined its earnings, but said it was on track to hit its full-year targets.
The Munich-based group on Thursday reported a net profit down 17.3 percent year-on-year at 1.6 billion euros ($1.9 billion) between July and September.
Revenues increased 2.1 percent, to 28.3 billion euros, while operating, or underlying profit fell 17.3 percent, to 2.5 billion.
"Third quarter results were robust, given the massive natural catastrophe events that impacted our property and casualty segment" such as hurricanes Harvey, Irma and Maria, chief executive Oliver Baete said in a statement.
The group's property and casualty division was the worst hit by the disasters, with operating profit shrinking by 28 percent year-on-year in the third quarter, while the life and health insurance and asset management units both increased operating profits.
But "the group absorbed claims stemming from hurricanes, storms and earthquakes in the quarter and still increased operating earnings in the nine-month period" from January to September, Baete noted.
Over the first nine months, operating profit rose by 3.5 percent year-on-year, to 8.3 billion euros, while revenues climbed 2.2 percent to reach 94.5 billion.
Allianz remains confident it will achieve a group-wide operating profit of between 10.8 and 11.3 billion euros over the full year.
Allianz also looked to reassure investors by announcing a 2.0-billion-euro share buyback scheme set to launch in early 2018.
San Juan (AFP) Nov 9, 2017
Andrea Olivero, 11, consults her classmate Ada about an exercise during their daily English class at San Juan's Sotero Figueroa Elementary School. The task: list the positive and negative aspects of Hurricane Maria's passing almost two months ago. The girls only have to look around. There is no electricity and they "roast" in the heat, Andrea says. At the back of the room, computers and tele ... read more
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|