Allianz SE and Sampo Oyj led market capitalization gains among the top 20 European insurers in the third quarter.

Allianz, the largest European insurer by market cap, saw a 13.2% quarter-over-quarter increase, according to S&P Global Market Intelligence data. Sampo followed closely with a 13.1% rise, retaining its No. 8 spot. Belgium-based Ageas SA/NV, with a 12.3% increase, moved to No. 19 from No. 21.

Allianz's share price rose 13.7% in the quarter, likely driven by a 5.3% first-half operating profit growth reported Aug. 8 and its plan to expand its 2024 share buyback program by €500 million, bringing the total to €1.5 billion.

Sampo's share price rose 5.4%. The company issued 48.2 million new shares Sept. 16 to complete its acquisition of the stake in Danish insurer Topdanmark that it did not already own.

The third quarter saw overall market cap growth for the top 20 European insurers, in keeping with the trend in the US. Only four companies in the list posted declines. The Stoxx Europe 600 Insurance index outperformed the broader Stoxx Europe 600 by 5.8 percentage points during the period.

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Polish insurer Powszechny Zakład Ubezpieczeń SA (PZU) posted the largest market cap decline in the third quarter, down 18.4%, dropping it to No. 20 from No. 16. Dutch life insurer Aegon Ltd. had the second-largest decline, with a 7.2% drop, though it maintained its No. 17 position.

PZU's share price fell 17.55% during the quarter, with a sharp 16% decline Sept. 26, dropping to 39.15 Polish zlotys from 46.60 zlotys on Sept. 13. The steep fall coincided with PZU reporting over 3,000 claims related to Storm Boris, which triggered heavy flooding in central and eastern Europe from Sept. 12-16. Poland, where PZU leads the market, was among the hardest hit.

Despite some quarter-over-quarter declines, all top 20 European insurers saw their market caps rise compared with the same quarter in 2023. Dutch insurer NN Group NV posted the largest year-over-year gain, with a 45.93% increase in market cap and a 47.64% rise in its share price.

Italian insurer Assicurazioni Generali SpA also reported strong year-over-year growth, with a 33.14% increase in market cap and a 33.49% rise in its share price.

As of Oct. 11, US$1 was equivalent to 3.92 Polish zlotys.