Allianz’s Q3 profits soar

Allianz SE, the German insurer, saw third-quarter net profits soar 21%, reaching 1.92 billion euros ($2.81 billion) from 1.59 billion euros ($2.33 billion) in the same period last year. Higher natural catastrophe claims around the world pushed operating profit down in the company’s property/casualty business to 1.49 billion euros ($2.18 billion), a 13.9% drop. However, strong performance in life and health insurance made up for this shortfall, as profits rose 41.5% to 873 million euros ($1.28 billion). Separately, Gamco Investors Inc. reported an 8% rise in third quarter net income, reaching $18.3 million, or 64 cents per diluted share. The Rye, N.Y.-based firm also saw healthy revenue from fee increases: investment advisory fees hit $58.4 million, up 17.4% from the year ago quarter. Also, Gamco said that its assets under management spiked to a record level of $31.6 billion as of Sept. 30, an 18.9% gain from the same period last year.