2 billion on average expected by analysts

Allianz is above. For the second time in three months, the German insurer has meet its annual targets. He now relies on a net income more than EUR 6 billion, growing sensitive to the 4.38 billion euros from last year. The operational result should exceed EUR 9.5 billion. Allianz made the announcement Friday on the occasion of the presentation of its third-quarter results, which have proved to be substantially higher than expectations. On the period from July to September, the consolidated net profit doubled to 1.6 billion, well beyond the 1.2 billion on average expected by analysts.

The results of the third quarter was doped by an exceptional gain of EUR 300 million from the assignment of Four Seasons Healthcare, a British Manager of retirement and care homes. They have especially benefited from the absence of major natural disasters in Europe and the United States.

"The figures are very good." "Obviously Allianz has taken advantage of favourable climatic conditions but the Group also gave the order in its activities in Germany", notes Michael Hüttner, analyst at JP Morgan, quoted by Reuters. The operating result increased by 42.7 in the third quarter, to EUR 2.7 billion. He jumped from 74.1 for the activities of insurance-damage with a combined ratio of just 90.2 and 11 for life insurance and health activities. He also registered an increase of 11 for Dresdner Bank.

A "reasonable" dividend

The group is optimistic enough, including for after 2006. It considers that its net income is expected to grow by at least 10 in 2007. Allianz, which has just completed its transformation into a Societas Europaea, is however not to relax its "intensive efforts" to cost reductions.

The insurer has plans to remove some 8,200 positions in Germany. Helmut magnification, Chief Financial Officer, was satisfied that Allianz can maintain a ratio of 95 in insurance-damage. It further considers that Dresdner Bank must succeed in bringing its coefficient of exploitation, now at 82.8, below the threshold of 80. A new charge of restructuring, up to EUR 350 million, should be included in the fourth quarter for the banking subsidiary.

Finally, Allianz has to seduce its shareholders. The insurer suggests that it will conduct share repurchases of shares and said he wanted to raise the dividend "to a reasonable level." "We are aware that the level of our dividend is low when compared to that of our competitors," thus granted Helmut magnification.

Chief Financial Officer also indicated that the participation of 3.1 of the German insurer in the banking group transalpine UniCredit was "not etched in marble", according to the Italian economic newspaper "Finanza & Mercati". This line, valued around 2 billion by the market, could be sold, which would result in a revision of the cooperation between the two groups in Italy.

The course of the Allianz title dropped 0.50, to 144,21 euros, Friday on the Frankfurt Stock Exchange after having already yielded 0.93 the day before. Over the past four months, he nevertheless advance of 16. Growth superior to that of the Pan-European index of insurance, which is awarded almost 13 over the same period.