Allianz increased first-quarter profit by nearly 53% to €1.4 billion ($1.8 billion) in a rebound from last year’s catastrophe-affected result.

The group reports its first-quarter results tomorrow, but released preliminary figures at its annual meeting in Munich last week.

Total revenue was maintained at €30 billion ($38.5 billion), compared with €29.9 billion ($38.3 billion) for the corresponding period last year. CEO Michael Diekmann says all three business segments contributed to a good start to the year.

The annual meeting gave the company approval to list its shares in China.