Allianz reports 57.9 percent Q1 profit increase

The Allianz group has report a Q1 net income of €1.4 billion for 2012, representing a 57.9 percent increase on the same period last year.

The group’s operating profit of €2.3 billion represented growth of 40.4 percent on the previous year's result of €1.7 billion.

"Allianz has put in a very good performance this quarter, following 2011 that was tough for the entire insurance industry," said Oliver Bäte, chief financial officer of Allianz SE.

"Despite the ongoing sovereign debt crisis, volatile markets and low interest rates, we continue to expect an operating profit for 2012 of €8.2 billion, plus or minus €0.5 billion."