Allianz 3Q More Confident for 2022 After 3Q Results; Plans Buyback
November 10 2022 - 2:35AM
Dow Jones News
By Ed Frankl
Allianz SE late Wednesday said that it is more optimistic for
2022 after third-quarter earnings grew, and that it is planning a
share buyback that would start this month.
The German insurer said net income in the three months to the
end of September was 2.46 billion euros ($2.46 billion), up about
17% a year earlier. Net income was driven by a rise in operating
profit and higher realized gains, Allianz said.
The insurer said it now expects to reach the upper end of its
target range for operating profit in 2022 of EUR12.4 billion to
EUR14.4 billion.
Operating profit rose 7.4% to EUR3.48 billion in the quarter,
supported by a strong performance in its property-casualty business
segment, Allianz said. Revenue rose 1.3% to EUR34.8 billion.
The results compare with expectations for net profit of EUR2.30
billion and operating profit of EUR3.39 billion, according to
analysts' consensus provided by the company.
Allianz plans a buyback of up to EUR1 billion, to start in
mid-November and conclude by the end of next year. The repurchased
shares will be canceled, it said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
November 10, 2022 02:20 ET (07:20 GMT)
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