Despite the severe damage caused by the flood disaster in Europe, the insurance group Allianz is becoming somewhat more confident about the profit development in 2021. The operating profit should reach the upper end of the range of 11 to 13 billion euros for the year as a whole, the Dax group announced on Wednesday in Munich.
So far, CEO Oliver Bäte had only promised a result in the upper half of the range.
In the third quarter, Allianz increased its operating profit by eleven percent to a good 3.2 billion euros compared to the previous year's pandemic period.
That was more than analysts expected on average.
The flood disaster in Europe had a negative impact of around 400 million euros.
However, the fund division with the companies Pimco and Allianz Global Investors was able to increase its result significantly.
The bottom line was that the group earned 2.1 billion euros, two percent more than a year earlier.
“That was our strongest third quarter ever,” said CEO Oliver Bäte.
"I see this as confirmation that we are able to serve our customers and investors alike."
But the alliance is still threatened with billions in charges in the USA.
There, major investors sued them for around six billion dollars after they suffered heavy losses with hedge funds from Allianz Global Investors at the beginning of the Corona crisis.
However, Allianz has not set up any provisions for this to date.