Q1 revenues rise at Allianz; anticipates €10.8bn full-year operating profit
Allianz enjoyed solid growth in the first quarter, according to preliminary figures published ahead of its full results though profits were down on a mixture of higher catastrophe claims and one off gains in the prior year.
The company’s revenues increased by 2.5 percent to reach €36.2 billion in the first quarter; its operating profit was €2.9 billion, an increase of 9.4 percent.
Its net profit fell by 15.3 percent to €1.8 billion, largely because of one-off gains one year ago from the sale of financial stakes, which boosted its 2016 Q1 results.
The company’s property/casualty business posted a combined ratio of 95.6 percent, a deterioration on the 93.3 percent it posted a year earlier, largely due to claims stemming from large losses and natural catastrophes.
In Life and Health insurance, its new business margin strengthened to 3.1 percent for the first quarter of 2017, compared with 2.6 percent the year before reflecting what it called a successful change of the product mix.
“Our first quarter results were a good start into 2017 and our balance sheet remained strong. Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of €10.8 billion, plus or minus €500 million euros, barring unforeseen events, crises or natural catastrophes,” said Oliver Bäte, chief executive of Allianz.
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