Allianz reports 2006 Q3 net income increase

Allianz Group has reported its overall 2006 Q3 net income rose by 100.4%, to EUR1.6 billion (CD$2.29 billion).
“Based on preliminary figures, total revenues at EUR22.6 billion (CD$32.39 billion) were slightly down compared to the equivalent previous year’s quarter, but the operating profit increased by 42.7% to EUR2.7 billion (CD$3.87 billion),” the company announced in a press release.
Allianz Group’s property and casualty business reported a 2006 Q3 combined ratio of 90.2%, an improvement over the same quarter last year. The operating profit grew correspondingly, by 74.1%, to EUR1.7 billion (CD$2.44 billion).
“We have highlighted our strong profitability level with this excellent quarterly result,” commented Helmut Perlet, a member of the board of management of Allianz SE. “However, there is no reason for complacency after this result.”
Perlet said in a press release that intensive efforts were still required in the insurance business in order to continue strengthening the market position that had been achieved.
“This applies to the underwriting result in the property and casualty business in an increasingly difficult market, as well as to the life and health business in Italy and the USA. Sales there had to adapt to a new market environment.”
Outside France, the group reported growth of 8% in the first nine months of 2006 and 7% over 2006 Q3. “These good performances confirm the favorable characteristic of the countries outside France in which AGF operates,” the company noted in a press release.
In Canada, ING Canada Inc. recently acquired the Allianz Canada companies, including the property and casualty business of Allianz Insurance Company of Canada and Trafalgar Insurance Company of Canada.