Allianz on track to record strong first quarter
German insurer Allianz is set to top its 2009 first-quarter profit result, revealing operating profit of €1.7 billion ($2.4 billion) in the first three months of this year based on preliminary figures.
Allianz will table its full quarterly result on Wednesday, but says early figures show strong growth despite diminished profits in its property and casualty segment.
Operating profit for the first quarter is predicted to rise 20% from the previous corresponding quarter.
Natural disasters, including earthquakes in Chile and storms across Europe and Australia, hammered Allianz’s general insurance profit base. But the company says its life and health and asset management segments are “over-compensating” losses in other departments.
Allianz says total revenues in the first quarter should exceed €30 billion (€42.46 billion), a rise of 8.3% from the corresponding quarter.