Booming pension and fund sales offset €753 million of hurricane losses and a weak banking result to allow Allianz, Europe's biggest insurance group, to report third-quarter pretax profits in line with expectations.
Allianz has a general insurance operation in the Republic in association with Irish Life & Permanent.
Life and health insurance profits across the group soared 74 per cent to €382 million in the three months to September as European pension sales took off. Asset management turned in an €86 million profit compared with a €53 million loss a year earlier, following €48 billion of net inflows. Together, the divisions fuelled group pretax profits of €1.66 billion, up 39 per cent.
William Hawkins, analyst at Keefe, Bruyette and Woods in London, said: "It's a solid set of numbers. Life [ assurance] . . . was very good. But Dresdner Bank remains the blackspot."
The bank, which Allianz acquired for €24 billion four years ago, reported net profits of €113 million, down 6 per cent.
Commenting on a report that up to 11,000 job cuts were now under discussion, Helmut Perlet, Allianz's finance director, said: "I cannot confirm those numbers. "
But he admitted restructuring in German and Italian insurance operations, and the planned merger of Dresdner's corporate banking operations with DrKW, provided "potential" for the cuts.
