Allianz: Upgrades estimates for full year, announces record earnings in quarter

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Allianz upgraded its full-year estimates to a 2.3% higher-than-expected third-quarter net profit as German insurance emerged from pandemic pressures.

The company expects operating profits in 2021 to be close to 13 billion euros, higher than previous estimates for 12-13 billion euros.

Last year, the insurance company abandoned its profit target due to the financial uncertainty caused by the pandemic, and recorded the first drop in operating profit in almost a decade.

Allianz, like other insurers, had faced customers seeking compensation for event cancellations and lockdowns, while demand for car and travel insurance fell.

Allianz is now on track to record operating profits.

Allianz stressed that it expects the operating profits of 2021 to be in the highest range of estimates for 11-13 billion euros.

In the third quarter, net profit stood at 2.111 billion euros compared to 2.063 billion euros a year ago.

Estimates spoke of 2.044 billion euros. The CEO noted that it was the strongest quarter in the history of the company.

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Source From: Capital

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