Allianz sees 2013 operating profit above target
Insurer Allianz reported third-quarter net profit up 6.3 percent to 1.45 billion euros ($1.94 billion), slightly beating expectations of 1.41 billion euros from analysts polled by Reuters.
It reported an operating profit of 2.5 billion euros in the third quarter and said it expected operating profit of slightly more than 9.7 billion euros in 2013, edging over the top of its full-year target range of 9.2 billion euros.
In a statement, the group said operating profit in Property and Casualty insurance increased over the reporting period "despite storms in Europe in July and August."
(Read more: Total financial assets reach record high: Allianz)
In the Life and Health insurance segment, meanwhile, statutory premiums rose due to strong demand. "At the same time, the volatile investment environment put pressure on the segment's profits," the group added.
Dieter Wemmer, chief financial officer of the insurer, told CNBC that the group was happy with the first three quarters of the year but would take steps in the fourth to ensure it was "prepared for 2014."
"As we have a very strong balance sheet and we are not so much focused on dealing with the crisis but we are very much focused on changing and preparing our business model," he said, adding that the group would be making IT investments.
He said in broader terms, however, that the euro zone was not over its economic problems but noted on the French credit rating downgrade on Friday that "all signals which push countries to start and continue with reforms are important."
In August, the insurance giant had posted strong second-quarter earnings, helped by the performance of asset manager Pimco, in which it has a controlling stake.