By Pierre Bertrand
Allianz confirmed its 2023 financial target after third-quarter profits fell, hurt by natural disaster claims.
The German insurer said Friday it had net income of 2.02 billion euros ($2.16 billion) a year earlier.
Total business volume or revenue was 36.5 billion euros, an increase of 4.5%, while profit margin fell 15% to 3.47 billion euros.
Allianz said its revenue growth was helped by its asset-affected business, which benefited from higher prices and volumes.
The same unit, however, reported that the company reported higher claims than natural disasters, which weighed on its underwriting results and overall operating profit.
The property-damaged business saw revenue rise 6.1 percent while operating profit fell 25 percent, Alliance said.
The company confirmed it is making its profit target of plus or minus 14.2 billion euros.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
