Allianz has announced total business volume of approximately £31.9bn for Q3 2023, which was up by 4.5% on the same period last year. It reported operating profit of £3.1bn, down by 14.6%, which it said was largely driven by a 7.3 percentage point impact by natural catastrophes on the combined ratio, the highest in a decade.

Giulio Terzariol, chief financial officer of Allianz SE, said: “The results of this quarter, characterised by high inflation and geopolitical tensions, demonstrate again the strength and the resilience of our diversified business model.

“Our property-casualty business showed healthy internal growth which was well balanced between rate increases and higher volumes. We supported our customers impacted by an unusually high level of natural catastrophes which also affected our results.”

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