Allianz Australia’s gross written premium rose by 9.4% to $848.9 million in the third quarter ending September 30.

The growth was attributed to higher volume and increased prices, particularly in motor and household insurance.

The price increases were applied across most business lines and the insurer estimates the “positive price effect” was 6.2 %.

The Australian business reported a $93.5 million operating profit for the quarter compared to $83.2 million in the corresponding period last year.

Parent company Allianz Group has reported revenues of €24.5 billion ($33 billion) for the third quarter, up 11.4% compared to the corresponding period last year.

The German insurer’s third-quarter operating profit grew by 2.3% to €2.1 billion ($2.8 billion).

CEO Michael Diekmann says the outlook for the remainder of the year looks positive, in both revenues and profit.   

“I expect our full-year operating profit to trend towards the upper end of our target range of €7.2 billion ($9.8 billion) plus or minus €500 million ($685 million),” he said.

“For the first time since 2005 we are likely to end the year with total revenues above €100 billion ($137 billion).”