MUNICH (dpa-AFX) - Allianz Group (AZSEY.PK) reported that its third-quarter net income attributable to shareholders decreased 17.3 percent to 1.6 billion euros from 1.9 billion euros, prior year, affected by high claims from natural catastrophes and partly offset by lower tax expenses. Earnings per share was 3.52 euros compared to 4.17 euros. Operating profit declined to 2.5 billion euros from 3.0 billion euros, largely due to 529 million euros losses from natural catastrophes.
Third-quarter total revenues rose 2.1 percent compared to the third quarter of 2016 to 28.3 billion euros from 27.7 billion euros, mostly due to strong performance in the Life and Health business segment.
For the year as a whole, Allianz expects operating profit in the upper half of the target range of 10.8 billion euros, plus or minus 500 million euros.
Separately, Allianz SE announced it has resolved on a share buy-back program which will amount to up to 2 billion euros. The program shall start beginning of 2018 and be executed in the first six months of 2018. Allianz SE will cancel all repurchased shares.
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