(Bloomberg) -- Allianz SE, Europe’s biggest insurer, said third-quarter profit dropped 15% as earnings at its property and casualty and asset management units declined.
Net income fell to 1.36 billion euros ($1.48 billion) from 1.61 billion euros a year earlier, the Munich-based company said in a statement on Friday. That missed the 1.52 billion-euro average of nine analyst estimates compiled by Bloomberg.
European insurers are generating less revenue amid pricing pressure and low interest rates while claims from natural catastrophes and over the mid-August explosions in the Chinese city of Tianjin have dented earnings across the industry. The German company’s two investment businesses have also seen upheaval after the departure of Bill Gross from the company’s Pimco unit in September last year and a change at the top of the Allianz Global Investors unit last month.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
