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Allianz profit up as disaster claims fall

dpadpa 11/11/2016

A fall in insurance claims and a strong performance across its businesses have pushed Allianz's profit above market expectations.

Europe's biggest insurer, Allianz, has posted a bigger-than-forecast jump in third-quarter profit thanks to lower payouts related to natural disasters and a strong performance by its business sectors.

Net profit in the three months to the end of September jumped 37 per cent to 1.86 billion euros ($A2.67 billion) from 1.36 billion euros in the same period a year earlier, Munich-based Allianz said.

The rise beat analysts' forecasts, which had been for an increase in net profit to 1.56 billion euros.

"Efforts to develop our business in a very difficult environment are paying off," Allianz chief financial officer Dieter Wemmer said in a statement.

Third-quarter revenue edged up 0.5 per cent to 27.7 billion euros compared with a year earlier.

Allianz said it expects to report an operating profit of between 10 billion to 11 billion euros for the full year after its third-quarter operating profit rose by 18 per cent to 2.9 billion euros.

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