In the third quarter of 2013, with a total revenue of 25.1 billion Euro, the operating profit of Allianz occurred as 2.5 billion Euro. The reason of that growth is the increase of its revenues in life and health insurance branches and the profit growth in the property and casualty insurance. Allianz stated that its operating profits occurred as a bit above than their targets. On the other hand, despite the negative effects of exchange rate, Allianz protected its economic progress that has been gained in the first half of the year. CEO of Allianz, Michael Diekmann, said, “Considering the positive progress of Allianz in the first nine months of 2013, we expect that our operating profit for the whole year will be over 9.7 billion Euro as we estimated before.”
Accident and property insurance operating profits increased despite the natural forces
Gross premiums have decreased by 6.5 percent to about 10.7 billion Euro compared to the previous year’s 11.4 billion Euro. The main reason of that decline arose from the decrease of the crop insurance, but on the other hand, the negative effects of the exchange rates also contributed in a negative way. However, in a positive way, the acquisitions in Turkey as well as France and Belgium, contributed to Allianz’s profits.
Life and health insurance revenues increased
Lastly, the life and health insurance revenues have increased. The compulsory premiums in the third quarter of Allianz increased to 12.7 billion Euro, displayed an increase of 6.6 percent, from 11.9 billion Euro.