FRANKFURT, Nov 10 (Reuters) – Allianz (ALVG.DE) on Friday posted a 30% fall in third-quarter net profit, dragged down by claims from natural catastrophes, but kept its full-year profit outlook.

The German financial services firm posted a net profit attributable to shareholders of 2.021 billion euros ($2.16 billion), edging an analysts’ forecast of 1.989 billion euros for the three months to September 30.

That was down from 2.866 billion euros a year earlier.

Allianz said it faced an “exceptionally high” level of claims after continental Europe, including Germany, Italy and Austria, saw a spate of flooding and hail storms during the summer.

However, it said it would stick with its 2023 operating profit target of between 13.2 billion and 15.2 billion euros.

Giulio Terzariol, chief financial officer, told journalists that the company would achieve the upper half of that range.

Shares were up 2% in Frankfurt late morning trade.

The drop in quarterly profit contrasts with gains over the past few quarters as the company recovered from losses related to the war in Ukraine, jittery markets and the pandemic.

Allianz’s combined ratio – a measure of profitability for its property and casualty division, one of its highest revenue earners – worsened to 96.2% in the third quarter, from 92.5% from a year earlier.

Readings below 100% indicate profitability.

($1 = 0.9374 euros)

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