The third quarter earnings report posted by Allianz has come as a good news to everyone associated with the insurance and finance sector, as the German insurer revealed that for the July-September period for the current year, its earnings stood at a whopping 1.32 Billion Euros.

Munich based Allianz, crediting its success to the improved market conditions, confirmed that its current net profit was a significant improvement for the figures posted last year for the same period which showed a loss of 2 Billion Euros. Revenue also rose by 4.3% to over 22 Billion Euros compared to last year's revenue of 21.2. Billion Euros.

"Our very good third quarter result shows that Allianz has a sound platform for delivering solid earnings even in the 'new normal' of a challenging market environment with structurally lower returns", Oliver Baete, Allianz's Chief Financial Officer said.

The company's report delighted investors and also nudged the shares higher by 4.3% taking them to a trading price of 82.61 Euros per share.