Global insurer Allianz has reported an operating profit of €2.5 billion ($3.1 billion) for the third quarter, up from €1.9 billion ($2.36 billion) in the corresponding period last year.

It follows a better-than-expected performance across all sectors, especially asset management.

Net income grew to €1.4 billion ($1.74 billion) for the quarter, and the group says it expects a full-year profit above €9 billion ($11.19 billion) – assuming normal business conditions continue into next month.

After the June quarter Allianz expected a full-year profit of €8.2 billion ($10.19 billion).

Full-year net income will be lower than last year because the company is completing a restructure and de-risking its balance sheet. Full details for the third quarter will be released on Friday.