Allianz SE (ETR: ALV) said on Friday that its operating in the fiscal third quarter came in slightly lower than lasts year. In an announcement last week, Allianz revealed to have entered a strategic partnership with Jubilee Holdings.
Shares of the company jumped 1.5% in premarket trading on Friday. Allianz SE now has a per-share price of £151.77 per share versus a much lower £107.47 per share in March due to COVID-19 disruptions. At the start of the year, the German company that primarily deals in insurance and asset management was trading at a much higher £200 per share.
Operating profit in the first nine months printed at £7.03 billion
Allianz reported £2.63 billion of operating profit in the third quarter versus a higher £2.69 billion in the same quarter last year. In the first three quarters combined, the German multinational saw £7.03 billion of operating profit as compared to the year-ago figure of £8.22 billion.
The company attributed its dovish performance to the Coronavirus pandemic that has so far infected more than 600 thousand people in Germany and caused over 11 thousand deaths. In separate news from Germany, luxury car manufacturer BMW said earlier this week that its profit was 10% higher on a year over year basis in the fiscal third quarter.
In the first nine months of the current financial year, as per Allianz, the COVID-19 crisis weighed the most on its property-casualty business, fuelling a 17% annualised decline in its operating profit from this segment.
Allianz discontinues share buyback programme for 2020
In terms of revenue, the financial services company registered £28.36 billion of revenue in the recent quarter. In comparison, its revenue had come
