The Munich based insurer also saw a rise in P&C gross written premiums.
Allianz SE has just announced its third quarter financial results for 2012, and part of this insurance news included a 32.8 percent increase over the operating profits at the same time in 2011, as well as a drop in natural catastrophe claims, and that property and casualty profits have edged upward.
Overall, the insurer feels that this year was almost five times better than last year.
Of course, it needs to be taken into account that in 2011, that company faced an impairment of €931 million due to investments in the financial sector and Greek government bonds. In this most recent quarter, the insurance news for Allianz was much more positive, as it saw a profit of €2.532 billion, compared to 2011 at the same time, when it brought in €1.906 billion. At the time of the announcement, the Euro was worth $1.27.
Additional insurance news included its P&C operating profit at €1.159 billion Euros in Q3 2012.
This was an increase of 4.3 percent over 2011’s third quarter. According to an insurance news release from the company, in which it stated all of its P&C results, “In the third quarter of 2012, gross written premiums grew by 5.2 percent to 11.4 billion euros from 10.8 billion euros for the same period in 2011.” That same statement went on to say that “The combined ratio for the third quarter of this year improved 1.3 percentage points to 96.3 percent from 97.6 percent in the third quarter of 2011.”
It also pointed out that lower natural catastrophe claims were a major contributor to this particular development, as their impact to the company’s loss ratio was only 0.8 percent, in this most recent third quarter. In 2011, the third quarter’s loss ratio was impacted by 4.8 percent by that type of claim.
As a whole the insurance news from this company included an announcement that the revenues for the third quarter were €25.2 billion, which was an increase of 4.7 percent over the third quarter last year, when it was 24.1 percent.