Allianz Australia has logged a first-quarter property and casualty operating loss of €15 million ($22.18 million) in results posted by its parent company.

The loss compares with a €46 million ($68 million) operating profit in the corresponding period last year.

The combined operating ratio blew out to 108.5% from 101%.

The global Allianz group says storms in Australia and Europe affected its first-quarter net profit, which fell 14.4% to €1.92 billion ($2.84 billion) as claims losses from storms in Australia and Europe hit its underwriting result.

Group-wide revenue grew 2.5% to €36.2 billion ($53.53 billion) and operating profit increased 9.4% to €2.93 billion ($4.33 billion) in the March quarter.

However, the global property and casualty business suffered a 12.7% drop in operating profit to €1.26 billion ($1.86 billion), despite a 2.7% rise in gross written premium to €17.7 billion ($26.27 billion). The property and casualty combined operating ratio worsened to 95.6% from 93.3%.

Allianz says it is on course to achieve a group net profit of €10.8 billion ($15.97 billion), with a plus-or-minus margin of €500 million ($739.23 million).