Allianz has reported net income of €2.13bn ($2.28bn) for the third quarter (Q3) of 2023, a dip of 29% compared with €3bn a year ago.

Revenue for the period that ended on 30 September 2023 increased by 4.5% to €36.5bn from €34.9bn in 2022.

The German insurance company’s property and casualty (P&C) business reported a revenue of €17.2bn, a 6.1% jump year-on-year (YoY).

Allianz chief financial officer Giulio Terzariol said the P&C results were affected by unusually high levels of natural catastrophes.

In Q3 2023, the life and health insurance unit’s new business premiums increased by 3.7% YoY to €17.5bn.

The insurer said growth in the life and health segment was driven by higher volumes in Italy and the US.

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It was partly offset by negative financial impacts, mainly from discounting in Germany, France and Italy, as well as foreign currency translation effects in the US, Asia-Pacific and Turkey.

The developments in Allianz’s asset management business partially offset the growth.

In the first three quarters, asset management business revenue fell by 5.9% to €5.8bn from €6.1bn in the same period last year.

Allianz CEO Oliver Bäte said: “In the first nine months of this year, we have seen robust growth in our business volume, operating profit as well as core net income. We have also further strengthened our solvency position at 212%. Our focus on execution and operational efficiency is enabling our profitable growth with healthy margins, and this places Allianz on an excellent trajectory to achieve our targets.

“We confirm with confidence our operating profit target of €14.2bn, plus or minus €1bn. Our resiliency as a company reflects the distinctive advantages of our global scale, diversified business mix, and the industry-leading levels of trust and engagement that we have earned with our stakeholders.”