Allianz says its full-year operating profit may be as high as €17.5 billion ($31.2 billion). 

The upwardly-revised guidance comes after an increase of 10% to a record €13.1 billion ($23.3 billion) in the first nine months of the year. 

“Allianz has once again delivered another set of record results,” CEO Oliver Bäte said. "We will continue our disciplined focus on productivity.”  

Total business volume rose 9% to €141.2 billion ($251.5 billion), with contributions from all segments. 

Property-Casualty was “particularly strong”. Operating profit rose 22% to €2.39 billion ($4.25 billion) in the third quarter, and 15% to €6.86 billion ($12.2 billion) in January-September.  

The insurer had previously forecast a range of €16 billion euros “plus or minus €1 billion”. “Most likely, the full-year operating profit will be in the range between €17 [billion] and €17.5 billion,” Allianz said, saying the outlook is now for “at least €17 billion.”  

Overall operating profit rose 13% to €4.4 billion ($7.83 billion) in the third quarter, and total business volume rose 5%. 

The P&C combined ratio improved to 91.9%, from 93.5% in the third quarter of 2024, and the loss ratio improved 1.5 percentage points to 68.3%, helped by benign natural catastrophes.  

The P&C retail business grew 8% and achieved a combined ratio of 91.3%. The commercial business grew 11% and the combined ratio widened to 92%.