Allianz Group has reported revenue of €28.78 billion ($41.50 billion) for the third quarter, up 14.5% over the corresponding period last year.

Operating profit was up 5.2% to €2.65 billion ($3.82 billion).

Property and casualty (P&C) insurance operating profit grew 15.2% to €1.42 billion ($2.05 billion) in the quarter on improved underwriting and investment results.

CFO Dieter Wemmer says the better underwriting result is reflected in the combined operating ratio, which improved 1.3 percentage points to 93.5% in the quarter.

P&C gross written premium increased 5.7% to €11.25 billion ($16.22 billion).

In the life and health insurance segment, statutory premiums increased 25% to €15.85 billion ($22.85 billion), driven by strong demand in the core markets of Italy and the US, plus Taiwan.

Dr Wemmer says strong internal growth in the P&C segment, continued high demand for life insurance and good operating profit in the asset management segment show Allianz is “on the right track” for the full year.