German insurance giant Allianz has reported surging third-quarter profits. Results have appeared so strong that the company will retain its full-year targets despite expected claims resulting from Hurricane Sandy.
Insurer Allianz of Germany on Friday announced a marked jump in third-quarter earnings. Operating profit rose by almost 33 percent to 2.5 billion euros ($3.2 billion) in the three months to September.
The company said net profit in the period amounted to 1.34 billion euros, up from just 196 million euros a year earlier. Allianz Chief Executive Michael Diekmann confirmed the firm's full-year profit forecast of 9.0 billion euros ($11.6 billion).
"The third quarter contributed significantly to our very strong nine-month results," Diekmann said. "Especially in challenging times, customers are looking for reliability in insurance and investments."
Not blown away by the storm
Allianz logged particularly strong gains in the real estate and life plus health insurance segments where operating profit soared by 60 percent.
The solid performance in its core business is expected to help Allianz offset losses from expected claims with regard to Hurricane Sandy in the US. The company said claims resulting from the superstorm would not jeopardize full-year forecasts, although it was unclear at the moment just how much the company would have to pay.
The world's leading reinsurer, Munich Re of Germany, also raised its 2012 earnings forecast earlier in the week despite the large damage bills that are likely to result from Sandy.