Allianz reports 1.32 billion euros in Q3 profitGerman insurance group Allianz posted Monday a third quarter profit of 1.32 billion euros (1.97 billion dollars), in line with expectations and nearly double the previous year's figure. The results were further signs of a pick up in the global financial sector. "Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the ?new normal? of a challenging market environment with structurally lower returns," a statement quoted financial director Oliver Baete as saying. Revenues gained 5.2 percent from the same period a year earlier to 22 billion euros, while operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. rose by 23.4 percent to 1.9 billion, its highest level since the second quarter of 2008, the statement said. The figures were presented pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma , that is excluding those of Dresdner Bank Dresdner Bank AG is one of Germany's largest banking corporations and is based in Frankfurt. History 19th century Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. , which Allianz sold early this year to Commerzbank for 4.7 billion euros. Net income from operations soared by 143 percent to 1.3 billion euros, the insurance company said. "Allianz is well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and our solvency ratio Solvency Ratio One of many ratios used to gauge a company's ability to meet long-term obligations. Notes: Derived by taking a company's net worth and dividing by total assets. See also: Asset, Asset Valuation, Balance Sheet, Fundamental Analysis, Income Statement has a firm base founded on a high quality investment portfolio and conservative risk management approach," Baete said. The group's life and health insurance unit contributed in large part to the improved results with premiums gaining 14.6 percent to 10.8 billion euros in the three month period. "Our Life and Health business is performing very well and generates both strongly growing revenues and very good margins," Baete added. Revenues from the group's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. unit gained 22.5 percent to 1.1 billion euros. 
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