Allianz Operating Profit Beats Target on Asset-Management

Allianz SE, Europe’s biggest insurer, said third-quarter net income rose and operating profit exceeded its expectations, fueled by improvements at the asset-management business.

Net income rose to 1.4 billion euros ($1.8 billion), the company said in an e-mailed release today. That compares with an 84 percent drop in net income a year earlier to 196 million euros. Operating profit climbed to 2.5 billion euros from 1.91 billion euros a year earlier. All results are preliminary, the Munich-based company said.