Good morning, everyone, and welcome to Allianz's third quarter 2024 media conference call. Thank you very much for joining us today. My name is Frank Stoffel, Head of Financial Communications and Valuation Relations, and I'm here at our headquarters in Munich with our Chief Financial Officer, Claire-Marie Coste-Lepoutre. Claire-Marie will present our results, and afterwards we have allowed time to answer your questions on our results. Today's conference call is scheduled for 60 minutes in total. We will answer all questions in English, but as usual, if you're more comfortable to ask a question in German, please feel free to do so, and we will repeat it back in English for everyone else on the call to understand. I would like to mention a few housekeeping items upfront.
If you want to ask a question during the Q&A session, press the talk request button on the web audio call or star five if you have joined via telephone. If you are on an IP-based telephone, this may cause technical problems for you. If this is the case, please email media.contact@allianz.com, and we can assist you with your setup, or we can take your question and ask it on your behalf, and now I have the pleasure of handing over to Claire-Marie.
Thank you very much, Frank. Good morning, everyone. I'm happy to share with you today our third quarter results. If you look at our 9M numbers on page three, which clearly are a very nice set of numbers, you can see our strong momentum in terms of both growth and profitability. This momentum is as well spread across our segments. What the numbers show as well is our resilience, as we have seen both in the second quarter and in the third quarter, an elevated level of natural catastrophes, but as well of large losses and what we call weather-related events, which are smaller events, but we have seen more frequency of those. Let me now go in a bit more detail on the numbers on this page.
Overall, our growth is strong at 11%, which is ahead of the first half growth, which was at 7.5%, and all segments are contributing with P&C both in terms of volume and price, Life and Health with double-digit growth, and the Asset Management segment with net flows of EUR 68 billion, which is now more than three times the level of net flows we have seen for the entire year 2023. Our assets under management are up 7% year to date. Profitability is very good as well. Our core ROE is at 17.5%, which is up 15% versus last year, and that's supported by an improved operating profit and net income clearly. P&C has a combined ratio of 93%, which is at the low end of our outlook range.
The value of new business generated on the Life side is at EUR 3.5 billion, which is reaching a record level in the first nine months of a year, and our cost-income ratio in Asset Management remains at industry-leading level. With this sustained momentum and our operating profit now being at EUR 11.8 billion at 9M, we are happy to mention that we now expect our year-end operating profit to be in the upper half of the outlook range. Let me now go in a bit more details on page five to look at the third quarter on a standalone basis. Clearly, this is a very good quarter, both in terms of growth and profitability. This is first of all illustrated by our double-digit growth of all three main KPIs at group level: total business volume, operating profit, and net income in the year-on-year comparison.
Our ROE for the quarter is at 18%. P&C and Casualty, you can see the nice level of internal growth that is fueled by both pricing and volume growth, and the volume momentum is actually steadily building up versus the previous two quarters. Our operating profit is strong at EUR 2 billion operating profit for P&C, and as mentioned, our combined ratio at 93.5% is also well within our expected range Life and Health see a very nice level of growth, actually an outstanding level of growth for a third quarter at 31% compared to last year, and you will see when we will go into the numbers in more detail that all regions are contributing.
We are growing at an attractive level of new business margin, which allows us to generate a value of new business of EUR 1.2 billion for the quarter, which is up 33% versus last year. Asset Management as well has seen positive net flows of EUR 20 billion, out of which PIMCO has contributed EUR 25 billion, and you can see on this page that our operating profit is marginally down due to a lower level of performance fees for the quarter. You should know, and you know already, right, that the performance fees are volatile by nature and we can never predict when they come. So adjusted for that effect of the performance fees, our underlying operating profit is 11% up year on year, which from my perspective is very good on the Asset Management side.
So overall, a strong momentum across the board, building on the one we have observed in the first two quarters of the year. Let's move to solvency on page seven, where you can see that our solvency ratio is up 3 percentage points compared to the second quarter, and we emerge at a strong level of 209%. What is important as well is that the sensitivities are unchanged compared to the second quarter, and as you may remember, the sensitivities at the end of the second quarter were at a lower level compared to year-end, including from the cost effects, so that's a nice status to be at. On page nine, you can see our strong organic capital generation, which is emerging at 7 percentage points for the quarter.
That's fully in line with our expected range for the full year, which is to have an organic capital generation between 6 and 8 percentage points net of tax and dividend, and we see this nice organic capital generation despite the high level of growth we have seen in the quarter, so that's a very good outcome from my perspective too. Let's go into P&C in more details on page 11. So page 11 clearly highlights the strength of the growth momentum across our portfolio. The growth is higher in Retail at 11% overall, with Motor leading the pack at 13% growth. Commercial is at 6%, and rates continue as well at a very good level. As you can see, this growth is very well spread across our entities and geographies. You can see Germany, France, Italy, Australia, or Spain as an example.
On Trade Credit, our total business volume is slightly down. This is due to the weaker economic environment, and at AGCS, we see the effect of the divestment of the MidCorp book in the U.S. in the total gross number, and the internal growth is impacted by some seasonality effects coming from our ART line of business. Corrected for this, the internal growth of AGCS is at 4%. Also, you know we have the Allianz Commercial Initiative, which is focusing on the MidCorp business across our geographies, so basically beyond the U.S., and here we are also seeing a nice level of internal growth at 13%, with price up 5% for the MidCorp segment, so overall, a very satisfactory picture.
Let's move to page 13, where you can see that our operating profit is very good at EUR 2 billion for the quarter in P&C, and this is growing by 36% versus last year. That's linked to a better combined ratio, which is at 93.5%, so middle of our outlook range, but as well linked to our insurance revenue at the bottom of this page, which are up 8% versus last year, as basically we are earning the growth of the top lines that we are presenting to you quarter after quarter. Now, if we go in a bit more details into the combined ratio, you can see that we have a Nat Cat impact that is lower compared to last year.
Last year was impacted by the very exceptional level of natural catastrophes that were the worst we have experienced in the last 10 years, but it does not mean with 3.4 Nat Cat loads that the quarter was peaceful, because 3.4 is above 3. 3 is what we expect on average, so the quarter wasn't quiet in terms of natural catastrophes events. We have seen the flood in Eastern Europe. We have seen several storms in Europe. We have seen hurricanes in the U.S., and in addition to those Nat Cat events, we have had quite some smaller weather-related events across the globe and also some large losses in our global lines in particular. Our expense ratio is very good for the quarter.
The comparison versus last year is a bit flattered because last year was impacted by negative effect, but fundamentally, and if you compare the quarter versus the year to date, which is a better reference, we have some very good contribution into our expense ratio is linked to the mix effect, the productivity actions we are pushing through, and as well some effect related to the AGCS divestment transaction of the U.S. MidCorp business to ART. If we move to the customer segments, you can see that our retail combined ratio is at 94.9%, and what we see here also within that number, which is very important, we see that our undiscounted attritional loss ratio is improving year on year as we are earning the benefits of the actions we have taken to offset the inflationary trends.
Our commercial business is overall very strong in terms of combined ratio emerging at 90.5% for the quarter. Let's go on page 15, which is highlighting very well the quality of our franchise across our P&C businesses and geographies. So maybe like to pick a few examples on this page, you can see Germany and Central Europe, which have been impacted by Nat Cat events on the right-hand side. Both entities are still emerging with a level of combined ratio, which is strong from my perspective. You can see as well on this page U.K. or Australia, where we are clearly earning the benefit of the strong actions and efforts that the teams have put into improving or correcting to addressing some of the issues we are facing to those markets, which is nicely showing up into the growth of operating profit.
Maybe to pick as well France, where the team is doing a very good job to address the inflationary effect we also see in that market, which is showing up in the growth of operating profit. AGCS, I already mentioned, had a very, very strong quarter last year, so the comparison to last year is a bit unflattering due to that effect. AGCS has seen strong Nat Cat effect as well in the quarter and also quite some large losses, which together with some small effect of the ART transaction are explaining the reduction in operating profit. Allianz Trade is seeing a normalization of the claims activity and also has seen some large losses in the quarter. Allianz Partners is seeing very nice growth as we are earning there.
The benefit of the top line growth at steady margin, which is earning into the operating profit, so also very nice outcome on Partners side. Let's go to page 17, where you can see that our investment results are at a good level of EUR 750 million, and what we see is that on the investment results side, we clearly continue to earn the benefit of the higher rate environment. This is partially offset by the interest accretion, but fully in line with our expectations because basically we are paying now for the discounting benefits we have seen last year into the investment results, and we have a bit of FX effect up and down that is impacting the valuation results. So overall on P&C, let me recap. What do we see? We see first, strong growth that is continuing.
Secondly, we have a very good level of profitability in line with our outlook, with the actions of inflation that are being earned through in the combined ratio. So overall, we are very well positioned towards the future on the P&C segment. Let me now Life and Health on page 19. So new business has clearly been exceptional for this quarter in Life, and this is particularly strong, I think, for a third quarter, which traditionally is a little bit lower as a quarter. So PVNBP is up 35% for the quarter at an attractive new business margin of 6.1%, which is leading to a value of new business of EUR 1.2 billion, which is up 33% versus last year.
You can see this momentum is very well spread across our entities, so it's a bit difficult to pick some, but maybe I pick two to three, starting with the U.S., with a very nice growth of 60% for the quarter versus last year. Clearly, there is a momentum on the U.S. market. We also have done some promotion, but there is a lot of very strong and fundamental work that is coming through in those numbers. Italy, as an example, continues to do very well. You may remember that Italy is market leading in terms of unit- linked, and they continue to be positioned this way, and this is emerging also into the numbers.
Also, maybe to pick Asia Pacific, with a very strong growth into the quarter, with some dedicated momentum in some markets, but this growth is at a very high level of new business margin, above 10%, which basically allows Asia Pacific to be the second largest contributor in terms of value of new business AZ Life into those numbers. Let me move to page 21 and briefly look at CSM. We also see a very good development in our CSM. The CSM growth is at 1.5% for the quarter, which is bringing us at 4.6% year-to-date growth against our guidance of 5% for the full year. This growth is clearly significantly in excess of the release of EUR 1.3 billion, which is in line with our expectation.
So approximately, if you do a comparison, our growth is 60% higher versus the release of the CSM, which is clearly also a good thing for the future. In more details into the work, you can see that we had positive economic variances, mainly linked to the slightly lower interest rate, and we had the annual update of our assumptions that came into the third quarter that is explaining the negative non-economic variances, which is in particular linked to the lapses we have seen previously. This non-economic variances is actually halved when you go from gross to net, as part of this effect is related to an old block of fixed index annuity business AZ Life, which is reinsured.
Our CSM sensitivities are broadly unchanged, and they remain at a very low level, so that's also very good when you assess the stability of the future Life and Health operating profit earnings. On page 23, you can see that our operating profit in Life is at EUR 1.4 billion. That's fully in line with the second quarter of 2024, including in the translation from CSM release to operating profit. And overall, our operating profit is growing by 5% year on Life and Health. you can see as well on the right-hand side that this development is well spread across our various operating entities. Italy and the U.S. are leading the pack here, but as well Central Europe, where in particular our Polish colleagues are doing very well with a comprehensive Life offering with strong rider features that is also contributing nicely here. So let me summarize on Life.
We have an excellent 35% growth of PVNBP at attractive margin. Growth is well spread across our entities. Our CSM is growing ahead of our yearly outlook, which is good for the future, and our operating profit is at 79% of our yearly expectations. Let's move to Asset Management on page 25. So I think clearly the current environment for this industry is not extremely straightforward as we are navigating an environment with significant debates on rate cuts, volatility in markets, and yield curves. And in this environment, what we have seen for the third quarter is net flows on PIMCO side at EUR 25 billion, which is twice the level of net flows we have seen in the second quarter.
We have seen some outflows for EUR 5 billion on AGI side, and that's linked to very specific to two large corporate mandates with low margin business related to fixed income mandates. We have seen in the underlying actually inflows on AGI side that came into higher margin business like multi-assets or alternative business. So year-to-date, we have EUR 70 billion of net flows in our Asset Management business against EUR 22 billion last year full year and against EUR 81 billion outflows in 2022. In October, we have seen as well further positive inflows that are coming through from both asset managers. So overall, our third-party assets under management are at EUR 1.8 trillion, which is up 7% versus beginning of the year, and that's the highest level of third-party assets under management since the beginning of 2022. So clearly, that's good for future profitability as well.
Moving to page 27, our revenues driven by the assets under management are up 7% versus last year with a resilient level of fee margin slightly impacted by business mix. We had a lower level of performance fees this quarter on PIMCO side. This is only a matter of seasonality as we expect those to materialize at a later point of time. AGI is nicely growing revenues clearly, and if we move to the year-to-date view, our revenues are up 4% FX adjusted. Let's move to page 29. As logical, our operating profit is impacted by the lower level of performance fees. Corrected for these, our operating profit is up 11% year on year, and that's driven by both higher average assets under management and strong cost control from both asset managers.
As you can see, despite the lower level of performance fees, our cost-income ratio is at 61%, which is in line with our expectations. Overall, on Asset Management, we see strong inflows, now already at three times the level of 2023. Our assets under management are up 7% year-to-date with strong profitability level. This is positioning us well for the future too. Page 31, I'm going to skip because it's fully in line with expectations. Page 33, from operating profit to net income, there is a bit of movement on the various line items, but overall, we have a fairly clean effect with EUR 400 million of non-operating profit, which is much lower compared to the third quarter 2023. Our tax rate is in line with expectations. Overall, our shareholders' net income emerged as EUR 2.5 billion, which is up 23% versus last year.
Our core EPS is as well up 25% versus last year. So we are fully on track for the 25% EPS target for the full year. Let me recap on next page. So clearly, we are happy with the strong momentum we see in the business, both in terms of growth and profitability across all three segments. This is well underlined by a strong level of resilience with a solvency ratio at 209%. This positions us very well for the future, and given where we are now at 9M, we can refine our guidance for the full year to an operating profit expected in the upper half of the outlook range. I would like at this point to thank all our employees for their contribution into those numbers. Clearly, they did not come by chance.
It was a lot of hard work from all our people across the globe, so I want to thank them very much for their contribution. As you know as well, we are very much looking forward to hosting you at our Capital Markets Day on December 10 to exchange on our perspective for the next three years. I am now happy to take your questions, but I suggest that we keep the questions which are related to the longer outlook for that event. Thank you very much.
Thank you very much, Claire-Marie. We will now start the Q&A session. Just repeat the housekeeping items. If you want to ask a question, press the talk request button on the web audio call or star five if you have joined via the telephone. We now wait a few moments to collect the questions. The first question comes from Michael Flämig from Börsen-Zeitung. Michael, your line is open.
Good morning. Michael Flämig, Börsen-Zeitung. I have three questions, please. You said no questions for the long outlook, but nevertheless, there have been some rumors around Allianz Global Investors. What are your plans with this entity? And the second one, the share buybacks have been fully executed. Do you expect a new program in short notice? And the third one, in the analyst presentation is mentioned that you have the strongest rate momentum Motor Retail with 13%. What do you expect there for the future? And what is the combined ratio in the German market? Thank you very much.
Good morning. So maybe let me start with AGI.
So first of all, we are convinced that our three-pillar model is the right one for the Allianz Group, and there is adding value to have like P&C, Life and Health, and Asset Management, and that's clearly adding value in terms of value creation and resilience, I will say, to both our shareholders and our policyholders. As part of this, in particular, I think the Life and Asset Management play a very relevant role for us, and that's very important that we keep this combination of Life and Asset Management. Our two asset managers are clearly very complementary from our perspective. We have PIMCO that is more U.S. fixed income real estate with some also private credit specificities really strong on, and AGI is clearly more focused from a geographical perspective on Europe and Asia, and also from a business perspective, more focused on equity, multi-assets, and infrastructure.
So clearly, the footprint of the two asset managers is very complementary and very important to us for what we want to deliver also to our policyholders and in terms of value creation. So we like our setup, and we are not looking at reducing the contribution of Asset Management to our setup clearly. I will not comment on market rumors, but if you want my view, my personal view as a CFO, some of the valuation of AGIs that have been communicated into the market, I find ridiculously low.
Maybe on share buyback, so indeed, we have now, if you look at where we stand for the year, we have paid out approximately EUR 7 billion in terms of contribution back to our shareholders, both under the shape of form of increased dividend payout, you may remember, from 50%-60%, and now the EUR 1.5 billion of share buybacks that has been executed. For us, what we are always focusing on is to maximize the value creation we are creating for our shareholder, is that by deploying capital into some growth, either internal growth or M&As, or basically, if we don't think we have, we can optimize the deployment of that capital by redeeming it to our shareholders.
At this point in time, we feel good where we are in terms of capital usage and capital deployment, and we have no additional plans, I mean, except continuing to manage and optimize as we do. Motor Retail, so you were asking the questions on where do we see the inflationary trend. So I think it has to be nuanced quite a bit across the various geographies. We have seen strong spikes in terms of motor inflation in general in many of our markets, double-digit inflation effect, in particular in markets like Australia or the U.K., but also more like, I mean, mid-single digit, but in the upper half, I will say, of that area in most of the European markets that we are addressing very well with our price increase.
While some of the inflationary effect have reduced a bit, we continue to see some inflationary effect very clearly, in particular related to spare parts, given some of the developments we see from a broader economic perspective or political dynamic perspective as well. So we continue to see that into our numbers. So that's why we feel good across the board on where we are pricing at. We also need to maintain a certain level of rate increase associated to this one. So when it comes to the specific case of Germany, clearly, we have, I mean, you have seen what has been communicated by many of our peers into the market. So I think this is alluding to the fact that certainly more stability in terms of price action will be required into that market.
As we have basically priced, I mean, we have anticipated quite well some of the inflationary trends. So we are pricing at the level we feel good about, and we are underwriting this business also at a good level. We also benefit in terms of inflationary trend from our dedicated setup, which we have set up in particular allows us to attract certain economies of scale, which basically can then benefit back to our policyholder. So that's explaining why we are currently trading at a lower level of combined ratio versus the market, which is still the same type of delta versus what I have communicated previously. So in the 5%-10% range lower compared to the market.
Okay, great. Thank you very much.
Thank you.
Thank you. Our next question comes from Alexander Hübner from Reuters. Alexander, your line is open.
Yes, thank you very much. I just wonder a bit about the growth rates that you're showing for Q3. One question, where's this large growth in the Life, the new business and Life coming from? Is it just that the value of the new business has grown, or is it the new business in itself that has grown? So more contracts, more policies. Maybe you can elaborate a bit on that. And on the P&C growth, how sustainable do you think this is? Is this just a one-off effect for this year, which could diminish next year or after, or is this something sustainable? Thank you.
Thanks a lot. So I think on the exceptional level of growth we have seen in Life, so what we see here is that our PVNBP, so basically, which is really like the contracts we are underwriting, is actually increasing.
We are underwriting more contracts, and also for some of them at a higher face value, let's put it this way. And this is coming across all our geographies. So there are various reasons across the geographies. And in that numbers, I think you have two effects. You have some fundamental reasons, like as an example, the fact that we have some fundamental trends associated with retirement, as an example, that are coming through. Also some health focus of our policyholder, which is also coming into that numbers. We also have specific one-offs, I think from time to time in specific quarters, we do have large contracts which are being underwritten. That would be the case for part of the growth in the case of Leben, where we had some specific one-off into that numbers.
And also, maybe in the case AZ Life, we have the fundamental, I mean, interest of the clients given the level of interest rate for our products, but we also did a dedicated promotion for six weeks on some of our product, which is also explaining a bit of the growth. But I think what you need to have in mind related to where we are right now. I think one of the main reasons for the growth is the positioning of the interest rate environment, which is at a good level, meaning that our products are now becoming more attractive also compared to some of the banking products against which we were in competition, in particular last year. So I think both fundamental dynamics, I will say, and some specific elements are explaining that growth level overall on Life.
I think on P&C, so in that growth, we have two effects, right? We have a volume effect, and we have a pricing effect. Some of the pricing effect is related as well to the inflationary environment we are still living in. And so this one, I think, depending on what are your own personal assumptions on how inflation is going to evolve, this basically will come through in terms of growth. What I think is more fundamentally important is the volume growth we have seen. So to give you an order of magnitude, in the 9.5% growth we have seen in P&C in the quarter, we have 3% of growth that is coming from volume. Previous quarter, in the second quarter, 3% was 2%.
So that's clearly also showing the focus we are putting as an organization on fundamentally growing our P&C business, and that's basically emerging into those numbers.
Thank you.
Thank you. Our next question comes from Ben Dyson, S&P Global Market Intelligence. Ben, your line is open.
Hi, good morning. I've got a couple of M&A-related questions. One was just on the acquisition of or the planned acquisition of Income Insurance in Singapore. I was just wondering if you could give an update on that process now that we are following the Singaporean government's objections to that proposed transaction, and if you could say what the next steps are for that and what you're planning to do there. And then just secondly, Allianz, it was mentioned elsewhere in the press that Allianz was interested in buying esure, a U.K. personal lines insurer.
I was just wondering if you could say whether you're interested in esure specifically, and Allianz is often mentioned when a U.K. personal lines insurer comes up for sale. So just wondering if you could say whether Allianz is interested in acquiring more businesses in U.K. personal lines more generally. Thank you.
Thank you very much. Good morning. On Income, first of all, so clearly we have taken notice of the comments made by the Singapore government in its parliamentary session on October 14, and we fully respect the government decision. We are working closely with all parties involved to assess the concerns. More fundamentally, I think Allianz is invested into the Singaporean economy, and we are convinced that we are and we can further add value in this market.
We will inform you as soon as we have relevant updates to share on Income, but at this stage, there is nothing I can share with you in addition to that one. Then maybe on the U.K. situation, if you step back and you look at the footprint of the Allianz Group in the U.K., we are already very strong in the U.K. We are operating there via Allianz U.K., but also via our global lines in particular. So we are very well established, and we believe we have a footprint there that is in sync with what we would want to have, meaning we are in the top three in that market. So we are well positioned to operate into that market.
Thank you very much.
Thank you. Our next question comes from Stephan Kahl, Bloomberg. Stephan, your line is open.
Yes, hello. Good morning from me as well. One more question on the whole M&A speculations that are out there. There were a couple of comments from analysts saying Allianz might also be looking into acquiring the minorities in PIMCO, the roughly 10% Allianz does not own yet. Could you let us know or give us some flavor if that is something that Allianz is thinking about?
So I think at this point in time, there is nothing to share on that topic.
All right. Thank you.
Thank you. Next question comes from Friederike Krieger from Versicherungsmonitor. Friederike, your line is open.
Hello. I also have an M&A question. Your direct insurer, Allianz Direct, has bought quite a lot of portfolios lately, I think one about FRIDAY and iptiQ. Will this continue? Are you planning further acquisitions, and in which line of business do you want to grow? Is it primarily motor, or are you looking for other business lines here?
So thank you very much. So indeed, I think we have done a couple of small acquisitions for Allianz Direct. And I think more fundamentally, what this is demonstrating from my perspective is that we have built a platform with Allianz Direct, which is capable of operating at a very low level of expense ratio that basically is allowing us to integrate portfolios quite easily, leveraging this high level of operating efficiency. So that's clearly demonstrating that our strategy on the Allianz Direct side is very well working, and that's the background of those acquisitions. So by doing so, we can integrate, if you want, in one go 380,000 clients via those small acquisitions. So I think that's part of the logic of Allianz Direct and the operating strengths we have developed there.
Thank you. We have one more question in the line. Let me just remind you, please, if you would like to ask a question, press the talk request button on the web audio call or star five if you have joined via telephone. Our next question comes from Steffen Weyer from dpa-AFX.
Good morning. I hope you can hear me. Just a question concerning the Nat Cat losses. They were in Q3 about half as high as one year ago. Did Allianz buy more or less reinsurance covers compared to last year, or has the gross losses also been much lower than in the last year when the net losses were, I think, EUR 1.3 billion?
Yeah, so indeed, we have experienced in this third quarter much less Nat Cat losses compared to last year. You may remember last year was a very, very exceptional year in terms of Nat Cat event in the quarter.
That was the first numbers I did present, and I did the math. It was like if you looked at it over the last 10 years, that was the worst quarter ever. So that was a very exceptional quarter. This quarter is at 3.4% of catload, which is against our 3% catload, slightly higher still. So it's not that it's a really good quarter in terms of natural catastrophes, but it's much lower compared to last year's that was a terrible quarter, right? So that's what's explaining. We have seen this quarter quite some cat losses, right? We had the terrible floods in Central Europe. We have seen also a lot of events in Germany, but also a bit lighter in France. But then we have also seen the hurricane in the U.S. So a lot of activities actually took place in this quarter.
So I think that's for the growth view. Then on the net side, our insurance structure is unchanged basically compared to last year. We have renewed almost exactly the same program for 2024 compared to 2023. We always adjust our insurance program a bit for the underlying of our business. If we have more volumes, we can sometimes retain a bit more, but basically, that's the same structure that is in place for 2024 compared to last year.
Thank you. What was the most expensive catastrophe for Allianz?
For the third quarter, it's actually the flood in Eastern Europe.
Thank you very much.
Thank you. We have one more question. Jean-Philippe Lacour from AFP. Jean-Philippe, your line is open. Jean-Philippe, we cannot hear you. Jean-Philippe, can you just please send us your question via email, and we can come back to you on your question? Thank you.
We have no further questions lined up. Thank you very much, Claire-Marie. Please allow me to remind you that we will report our financial results for the full year on February 28 next year, but we have another very important event coming up on December 10, which is our Capital Markets Day. So please mark your diaries for both events. This concludes today's media call on our 3Q 2024 financial results, and we wish you a nice remaining afternoon. Thank you.