Allianz Q1 revenues reach record high
European insurer Allianz posted record revenues in the first quarter of 2014 and said it is well on track to achieve its target of a €10 billion operating profit for the year.
The company posted first quarter revenues of €34 billion, a small but significant increase on the €32 billion it posted in the same quarter a year earlier. The result meant the company posted the highest quarterly revenues in the company’s history in the first quarter.
Its operating profit in the quarter was €2.72 billion, a small decrease on the €2.8 billion it made a year earlier. Its net profit in the period was €1.64 billion compared with €1.71 billion in the first quarter of 2013.
The combined ratio in its property/ casualty business improved to 92.6 percent from 94.3 percent. In life and health insurance, it said the new business margin rose to 2.5 percent for January to March of 2014 from 1.8 percent for the same period the previous year. In asset management, as a result of market value increases, third-party assets under management remained stable at €1.34 billion at the end of the first quarter compared with €1.33 billion at the beginning of 2014.
“The first quarter came in strong like last year. Both property and casualty insurance and life and health insurance exceeded their quarterly share of our full-year outlook, and asset management was in line with target,” said Michael Diekmann, CEO of Allianz SE. “We are on track to achieve our operating profit outlook for the full year of €10 billion, plus/minus €500 million.”
Allianz will publish full details on business developments in the first quarter on May 14, 2014.
