Allianz unveiled a much better than expected 21 per cent rise in third-quarter net profit today.
Allianz reported quarterly net profit of €1.921 billion, which was above the highest forecast of €1.812 billion. A one-off German tax break also flattered results.
Operating profit at Europe's biggest insurer fell 2.1 per cent to €2.604 billion, well ahead of analysts' expectations of a 13 per cent decline.
The profits came despite market turbulence that pushed its Dresdner Bank unit into a loss.
Allianz shares were indicated up 5.4 per cent ahead of the Frankfurt market opening.
Allianz reaffirmed its targets of earning €8 billion in net profit and €11 billion in operating profit this year. Operating profit fell 14 per cent in Allianz's main business line of property and casualty insurance as costs and claims rose relative to revenue in the quarter.
Operating profit fell nearly 80 per cent at Dresdner Bank, hit by a €196 million trading loss and write-downs.