Allianz Shares Rise After Strong Q3 Results

Shares of Allianz (ETR:ALVG) experienced an increase after the company reported solid third-quarter results for 2024, exceeding market expectations in key operational areas.

As of 5:49 am (1049 GMT), Allianz's stock was trading 1.2% higher at €286.35.

Allianz’s robust performance was attributed to its Property & Casualty (P&C) division, which delivered an operating profit 5% higher than anticipated, totaling €1,969 million.

The combined ratio for this division improved to 93.5%, a modest positive change from the previous year, aided by a reduction in natural catastrophe impacts.

The Life segment also showed strong results, with new business volumes surpassing forecasts by 20%, primarily due to improvements in markets such as the U.S. and Germany.

Operating profit in this segment was 3% above consensus, and the new business margin increased to 6.1%.

Additionally, the solvency ratio improved to 209%, enhancing financial stability and reflecting lower mark-to-market pressures.

However, Allianz’s asset management division experienced a weaker quarter, with net inflows falling short of expectations by 27%. Despite this setback, the division reported total assets under management of €1.84 trillion, driven by market gains, particularly in its flagship PIMCO unit.

Allianz has updated its outlook for 2024 operating profit to the higher end of its initial forecast. Analysts at Morgan Stanley (NYSE:MS) noted, “However, we continue to argue that expectations into the CMD on December 10 leave limited room for upside surprise.”