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Allianz Profit Rises 36%

Allianz Profit Rises 36%Allianz Profit Rises 36%

Allianz SE, Europe’s biggest insurer, said third-quarter profit rose 36%, helped by higher earnings at the life and health insurance unit. The shares rose, Bloomberg reported. Net income increased to €1.86 billion ($2.03 billion) from €1.36 billion in the year-earlier quarter, the Munich-based company said in a statement on Friday. That beat the €1.59 billion average of 10 estimates compiled by Bloomberg. Pacific Investment Management Co. had its first quarterly net inflows in three years, with clients adding €4.7 billion in third-party assets. “Allianz made a significant step towards achieving its 2018 targets,” Thomas Seidl, an analyst at Sanford C. Bernstein, wrote in a note to clients.

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