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Nov 9, 2009, 7:52 GMT

Allianz shares surge on the back of forecast-beating Q3 profit

Frankfurt - Europe's biggest insurer, Allianz SE, surged by about 5 per cent Monday after the group reported a bigger-than- forecast jump in third-quarter profit. Munich-based Allianz said net earnings rose to 1.323 billion euros (1.96 billion dollars) from a 2.02 billion-euro loss in the third quarter last year, when the group hived off its loss-making Dresdner Bank offshoot to Frankfurt-based Commerzbank. Releasing the results, Allianz financial director Oliver Baete said the third quarter results showed that the group had a sound platform for delivering solid earnings despite 'a challenging market environment with structurally lower returns.' Analysts had expected that the giant insurer would report a 1.2- billion-euro quarterly profit. Total quarterly revenue rose 4.3 per cent to 22 billion euros, Allianz said, with the group's latest results adding to the signs of recovery in the global financial sector after the crisis that swept the industry since 2007. The release of Allianz's third quarter report triggered a jump in the company's shares, which rose 5 per cent to 83.33 euros in early trading Monday. Allianz also posted a 23-per-cent rise in operating profit in the third quarter, to 1.929 billion euros.

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