Insurance giant Allianz posts first quarter profit boost to beat expectations
German insurer Allianz said today its net profit for the first quarter rose slightly, ahead of market expectations.
Its results were boosted by lower claims for natural disasters but it said high expenses due to investments had led to a decline in operating profit in its asset management business.
Operating profit increased 7.5 per cent to €3bn (£2.6bn) and total revenue grew 9.1 per cent to €40.3bn.
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Net profit attributable to shareholders rose to €1.969bn from €1.939bn the previous year.
The result was slightly ahead of a Reuters poll of analysts which forecast net profit of €1.908bn.
The company said higher operating profit was largely offset by lower non-operating investment income and higher taxes.
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Its shares rose 0.4 per cent this morning to €197.64.
Chief executive Oliver Bate said: “Allianz achieved strong results in the first quarter putting the group on track to meet its 2019 full-year targets. Our customers continue to seek quality and service, both of which we are consistently focusing on. Despite economic and political volatility, we are very well positioned to further develop our franchise.”
For 2019 Allianz said it was aiming for operating profit of €11.5bn, plus or minus €500m.