Total assets under management at Allianz Group grew to €2.55 trillion ($2.95 trillion) in the third quarter of 2021, driven by growth in third-party assets under management and favorable foreign-exchange effects, the insurance group reported Wednesday.
The growth was driven by all regions and asset classes, it said. Total revenue grew 9.5% in the third quarter, to €34.4 billion.
Total revenues increased 9.5% to €34.4 billion.
Third-party assets under management rose 9.9% from the end of 2020 through the first nine months of 2021, reaching €1.88 trillion.
The €51 billion increase over the previous quarter was driven by high net inflows of €25.7 billion and favorable foreign-exchange effects that added €29.5 billion.
Allianz SE CEO Oliver Bate said in a news release Wednesday that it was the company's strongest-ever third quarter.
"Extreme weather events and rapid macroeconomic shifts highlight the important contribution that insurers and asset managers can make to society. And our solid numbers prove that we can do so with a healthy financial performance," Mr. Bate said.
Both asset management and the life and health business segments reported their best third-quarter operating results, and contributed to 11.3% growth in operating profit for the insurance group.
The firm's third-party money management business is made up of Pacific Investment Management Co. and Allianz Global Investors — both of which recorded net inflows in the third quarter of 2021. Asset management profit increased due to higher revenues and an improved cost-income ratio.
