Allianz has reported a big increase in first-quarter net income of €1.6 billion ($2.26 billion) compared to €424 million ($598 million) in the corresponding period last year.

The German global insurer also recorded a 20.4% increase in operating profit to €1.7 billion ($2.4 billion) during the period.

Results saw operating profit from life/health more than double from €402 million ($567 million) last year to €812 million ($1.15 billion) this year, as well as a 120% growth in operating profit in the asset management segment to €466 million ($657 million).

In particular, life/health delivered its highest ever quarterly revenue of €15.4 billion ($21.7 billion) while third-party assets under management for the period amounted to an historic high of  €1.023 trillion ($1.444 trillion).

These strong results more than offset a 26.5% decline in property and casualty operating profits to €712 million ($1 billion), largely due to claims from natural catastrophes which amounted to €555 million ($783 million) in the quarter.

Total quarterly revenues grew by 10.3% to €30.6 billion ($43.2 billion) compared to last year.