Allianz Insurance (ALIZY) just reported its sales rose 4.5% to €36.5 billion. Operating profit in Q3 2023 decreased to €3.5 billion (3rd quarter 2022: €4.1 billion), down 14.6%. Net profit attributable to shareholders was US$2.0 billion (Q3 2022: US$2.9 billion).

Allianz SE is an international insurance and financial services company whose headquarters are located in Germany offering a range of financial products and services through its worldwide subsidiaries.

Operating profit also fell 14.6% to €3.5 billion; driven by the property and casualty insurance sector affected by natural disasters and various geopolitical factors, the combined ratio increased by 7.3 percentage points, the highest in 10 years. Core shareholders' earnings were 2.1 billion euros, posting a tangible decrease of 29.3%. Adjusted earnings per share were €16.62 (9M 2022: €12.97).

The annualized return on core capital (RoE), however, grew to 15.8% (full year 2022: 12.7%). The company also received a score of 4 out of 5 for its dividends and resilience characteristics. Share buybacks of up to €1.5 billion have been confirmed.