Allianz SE have reported that in Q3 net income is down by 80%
In 2011, a report of Allianz SE states that third quarter net income of EUR258m is down 80.2% if it compared to net income of EUR1.3bn in the same quarter previous year. Allianz Group has recorded that total revenues of EUR24.1bn which come only 1.8% under the level from the third quarter of last year. Operating profit of EUR1.9bn went down by 7.3% if it compared to the year before but it still remained on target.
In the result, investment results in Life insurance were lower if Health insurance compared to 2010. In casualty insurance and property business, gross premiums which had been written in the third quarter improved by 2.2% to EUR10.8bn from EUR10.6bn over the same period last year. The average asset base for life and health insurance have grown further to EUR357.7bn in the third quarter of 2011, an improve of 3.2% from EUR346.7bn at the same time in 2010.
At the end of the third quarter 2010, total assets below management have been expanded by 10.3% to their highest-ever level of EUR1,592bn from EUR1,443bn. Oliver Bate as Allianz SE CFO said that all market participants should face high volatility and the uncertainty of the capital markets due to solid operating results and unwavering capital strength. In addition, Allianz also can withstand this adversity.