Allianz says net profit fell 4% to €1.64 billion ($2.43 billion) in the first quarter, but revenue set a quarterly record for the company.

In property and casualty the combined operating ratio improved to 92.6% from 94.3%, according to preliminary results released last week.

“The first quarter came in strong like last year,” CEO Michael Diekmann said.

“Both property and casualty insurance and life and health insurance exceeded their quarterly share of our full-year outlook, and asset management was in line with target.”

He says Allianz is on track for a full-year operating profit of about €10 billion ($14.87 billion).

First-quarter revenue grew 6.25% to €34 billion ($50.6 billion), while operating profit fell 2.85% to €2.72 billion ($4.04 billion).

The life and health insurance new business margin moved to 2.5% from 1.8% in the corresponding period of last year. Full results will be released this week.