FRANKFURT--Germany's Allianz SE (ALV.XE) on Tuesday said net
profit rose about 24% in the first quarter, due to a strong
contribution from all three business divisions--property and
casualty, life and health insurance, and asset management.
Allianz, Europe's biggest insurer by premium revenue and market
value, also said it is on track for the full-year target of an
operating profit between 8.7 billion euros ($11.4 billion) and
EUR9.7 billion.
"We are well on our way toward achieving our operating profit
outlook for the entire year. Despite the good results in the first
quarter, in view of the existing market risks, the management board
sees no need for an adjustment of our outlook for fiscal year
2013," said Chief Executive Michael Diekmann.
First-quarter net profit attributable to shareholders climbed to
around EUR1.7 billion from EUR1.37 billion in the same quarter a
year earlier, based on preliminary data. That is above the EUR1.41
billion that seven analysts polled by Dow Jones Newswires had
forecast on average.
Operating profit, which Allianz considers the best measure of
its performance, rose to about EUR2.8 billion in the first three
months, up around 20% from EUR2.33 billion a year earlier. That was
also better than the forecast EUR2.42 billion.
Total revenue rose to EUR32 billion from EUR30.05 billion, and
above the consensus forecast of EUR30.9 billion.
Allianz released a small set of key preliminary earnings prior
to the annual shareholders' meeting. The full set of detailed
figures will be published May 15, as scheduled.
Allianz didn't give any reasons for the improvements one week
ahead of the regular earnings report. Like other insurance
companies, its property and casualty business has, however,
benefited from the absence of major claims in the first quarter.
And according to the analyst forecasts, its highly profitable asset
management has also made a major contribution.
In general, insurers are suffering from the protracted
low-interest-rate market environment that is diminishing investment
returns in their life insurance businesses. Allianz's diversified
business, however, helps to offset part of the pressure.
Allianz shares are up EUR2.10, or 1.7%, at EUR118.65 in early
trade.
Write to Ulrike Dauer at ulrike.dauer@dowjones.com
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