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Insurer, asset manager Allianz SE raises outlook for year after 3Q profits rise 5.4 per cent

FRANKFURT – Insurer and investment manager Allianz SE says it’s raising its profit outlook for the year after profit rose 5.4 per cent in the third quarter.

The company said Friday it will make slightly more than 9.7 billion euros ($13.0 billion) this year. That was previously the upper range of the forecast.

Allianz saw stronger profits from its property insurance business, which was helped by rising premiums from Central and Eastern Europe, and from its industrial insurance business. The property business increased its profits even as summer storms in Germany and Ireland cost 464 million euros.

Net profit during the third-quarter rose to 1.53 billion euros from 1.45 billion euros in the same period a year ago. Revenues slipped 0.2 per cent to 25.14 billion.