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The group reported a combined ratio of 91.2 for the period. -
Improved underwriting results thanks to pricing action were offset by nat cat activity in Canada.
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The company said it is still on target to achieve $3bn net income for the full year.
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After one good year, giving back margin now will be “inexcusable”, the executive said.
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Allianz’s P&C unit booked natural catastrophe claims of EUR646mn over Q3.
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Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.
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Ceding commissions remain elevated, but primary rates are improving reinsurer margins.
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The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.
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The firm announced Q3 results alongside strategic actions that included an ADC deal with Enstar.
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Hannover Re’s CEO said the market had been disciplined.
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The reinsurer’s large losses tallied up to EUR1.3bn for the nine-month period to 30 September.
