German giant Allianz has marked the first quarter of 2002 with a record profit. It experienced a rise of profit of more than 50% over the first quarter of 2001, notching up a net profit of around $3.17 billion. However, the profit was linked mostly to capital gains on the sale of shareholdings.

With insurance business strengthening around the world, Allianz also recorded a 10% increase on gross revenue raised from premiums last quarter.

But it wasn’t all good news. The asset management business is failing to fire, and the purchase of Dresdner Bank last July has so far done little to bolster the profit side of the ledger.