Allianz raises profit forecast - Allianz raises 2023 profit forecast after robust nine-month gains
Allianz, the German multinational financial services provider, has reported a significant increase in its operating profit for the first nine months of 2023. The company's profit has risen to €13.1 billion, up from €11.8 billion in the same period last year. This robust performance has led analysts to predict a new record profit for the year, potentially surpassing the €16 billion achieved in 2022.
Allianz has revised its full-year profit outlook upwards to a range of €17 billion to €17.5 billion. This update reflects the company's strong performance across its divisions. Strong investment returns, coupled with improved underwriting results in its insurance businesses, have contributed to this positive outlook. Additionally, favorable market conditions in its asset management sector have further bolstered its profits. However, these gains are partially offset by lower interest rate expectations.
Allianz's revised profit guidance for 2023 reflects the company's robust performance across its divisions. With a projected profit of €17 billion to €17.5 billion, the company is set to achieve a new record, surpassing the €16 billion posted in 2022. This positive trajectory is driven by strong investment returns, improved underwriting performance, and favorable market conditions, despite lower interest rate expectations.
