Germany’s Allianz has today posted a 30% fall in its third-quarter net profit, dragged down by claims from natural catastrophes, although the financial services company maintained its full-year profit outlook.

Net profit attributable to shareholders of €2.021 billion in the three-months to the end of September, compared with €2.866 billion a year earlier. The figure surpassed a €1.989 billion consensus forecast.

Allianz, one of Europe’s largest financial services groups, described the level of claims as “exceptionally high”.

Still, the company stuck to its target of 2023 operating profit of between €13.2 billion and €15.2 billion.

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 lingering pandemic.

Continental Europe, including Germany, Italy and Austria, saw a spate of flooding and hail storms during the summer.

Allianz 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.