By Pierre Bertrand

Allianz confirmed its 2023 financial target after third-quarter profit fell, hurt by natural-catastrophe claims.

The German insurer said Friday that it made 2.02 billion euros ($2.16 billion) in net income compared with EUR2.87 billion a year earlier.

Its total business volume, or revenue, came to EUR36.5 billion, a 4.5% increase, while operating profit fell 15% to EUR3.47 billion.

Allianz said its revenue growth was helped by its property-casualty business, which benefited from higher prices and volumes.

That same unit, however, reported what the company said was an exceptionally high level of claims from natural catastrophes, which weighed on its operating insurance service result and on overall operating profit.

Revenue at the property-casualty business grew 6.1% while its operating profit fell 25%, Allianz said.

The company confirmed it operating profit target for the year of EUR14.2 billion, plus or minus EUR1 billion.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

November 10, 2023 01:57 ET (06:57 GMT)

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