Allianz has reported record-high revenue and a 20% increase in operating profit to €2.8 billion ($3.66 billion) for the first quarter.

All three business segments contributed to the growth, putting Allianz on course for a full-year profit of €9.2 billion ($12 billion), CEO Michael Diekmann says.

Property and casualty revenue grew 2.7% to €15.2 billion ($19.87 billion) and profit increased 11.5% to €1.3 billion ($1.7 billion) on rate increases and fewer catastrophes.

The combined ratio fell 1.9 percentage points to 94.3% after one of Allianz’s best quarters since the start of the global financial crisis.

Life and health revenue grew 8.3% to €14.8 billion ($19.3 billion) on growth in unit-linked products, with premiums increasing by double digits in most core markets.

The division’s operating profit was €855 million ($1.12 billion), up 3.6% on the corresponding period last year.

Allianz’s asset management arm reported a 47% increase in operating profit to €900 million ($1.18 billion) on rises in performance fees and assets under management, plus greater margins.