Allianz reported that net income for the first nine months of the year increased by 29.2% to €7.30 billion ($10.72 billion) compared with the same period last year.
In its property and casualty business, Allianz said gross premiums written increased by 2.5%, to €10.7 billion ($15.7 billion).
Operating profit was €1.5 billion ($2.20 billion), 14% lower compared with the third quarter last year. According to Allianz, the decrease was contributed to higher natural catastrophes expenses as a result of flooding in the United Kingdom and heavy storms in other parts of the world.
The combined ratio increased by nearly four percentage points to 94.1% compared with the third quarter of 2006, which had an unusually low volume of claims, Allianz said.
"The stable operating result shows that we will achieve our earnings targets for 2007 despite the difficult capital market environment," said Helmut Perlet, member of management board, in a statement.
For the full year, Allianz confirmed its outlook of a net income of &euro8 billion ($11.8 billion).