News Column

Allianz Q1 Profit Is Better Than Expected

May 7, 2013

Allianz, Europe's biggest insurer, on Tuesday posted a 24-per-cent, year-on-year gain in first-quarter net profit.

Net earnings climbed more than forecast to about 1.7 billion euros (2.23 billion dollars), the Munich-based group said in releasing preliminary figures.

Analysts had expected a rise to 1.42 billion euros.

The company, which also confirmed its business outlook for 2012, did not give specific reasons for the pickup in first-quarter earnings. It plans to publish full details of its results on May 15.

"The start into this fiscal year can be described as truly successful," chief executive Michael Diekmann said.

"The improvement in our results comes from all of our business segments, so it is broad-based," he said.

Diekmann said the group was on its way towards achieving its operating profit outlook for the entire year of 9.2 billion euros, give or take 500 million euros.

Operating profit rose to 2.8 billion euros in the first three months of the year, a 20-per-cent increase.

First-quarter revenue rose 6.6 per cent to 32 billion euros, the company said.

Allianz shares rose 1.8 per cent to 118.50 euros in early trading in Frankfurt.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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