Allianz has reported internal revenue growth of 6.4% and an operating profit at £2.6bn at group level in Q3 2019. Total revenues increased by 8.1% to £28.8bn.

In the first nine months of 2019 operating profit increased by 4.2% to £7.8bn, which the firm said was mostly due to a one-off profit from its life/health business in the US.

Chief executive officer of Allianz SE, Oliver Bäte said the group had “delivered very solid results in challenging times.”

“We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges,” he added.

The group reported "steady internal growth" in its P/C business in Q3. Revenues increased by 6.3% to £11.4bn, compared with £10.7bn in last year’s third quarter.

Operating profit dropped by 10.4% to £1.1bn compared with Q3 2018. The combined ratio also deteriorated to 94.3%, which is 1.2 percentage points higher than the same period last year.

In the first nine months of 2019, total revenues in the P/C business increased to £39.8bn, compared with 37.3bn in the same period of the prior year. Operating profit declined by 1.1% to £3.6bn and the combined ratio slightly worsened at 94.1% from 94%.

Chief financial officer of Allianz SE, Giulio Terzariol said he was pleased with the ongoing progress in the productivity efforts within the group’s P/C segment.

“Our business is in good shape as shown by the strong revenue development,” he added. “Our underwriting remains disciplined, while we benefit from a healthy price momentum which supports our profitability going forward.”

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