At Allianz’s P&C insurance unit, spending on claims and other costs as a percentage of premiums, known as the combined ratio, worsened to 95.6 percent from 93.3 percent a year earlier due to higher disaster claims. (AP Photo)

Allianz SE is sticking with its full-year profit target as improving returns offset a jump in losses from natural catastrophes.

The insurer reiterated an operating profit target of 10.3 billion euros to 11.3 billion euros for this year in a statement on Wednesday. Operating profit rose 9.4 percent to 2.9 billion euros. Net income dropped 15.3 percent to 1.8 billion euros ($2 billion) from 2.1 billion euros a year earlier, as gains from the sale of financial stakes weren’t repeated.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.