DDespite the heavy losses caused by the floods in Europe, the insurance group Allianz has increased confidence in profit development in 2021. The annual operating profit should reach the upper limit of the range of 1.1 billion to 13 billion euros, Dax Group announced in Munich on Wednesday. There used to be a CEO Oliver Bette Only the results in the upper half of the range are expected.
Compared with last year’s pandemic, Allianz’s operating profit in the third quarter increased by 11% to 3.2 billion euros. This exceeded analysts’ average expectations. The flood disaster in Europe caused a negative impact of approximately 400 million euros.
However, the fund divisions of Pimco and Allianz Global Investors were able to significantly improve their performance. Most importantly, the group’s revenue was 2.1 billion euros, an increase of 2% from a year ago.
“The strongest third quarter ever”
“This is our strongest third quarter in our history,” said CEO Oliver Bäte. “I think this proves that we have the ability to provide services to customers and investors.”
But the alliance still faces multi-billion dollar accusations in the United States. At the beginning of the new crown crisis, after the hedge funds of Allianz Global Investors suffered huge losses, major investors sued them there, demanding compensation of approximately US$6 billion. However, Allianz has not yet made a provision for this.
