Allianz has posted a first-quarter profit of €2.2 billion ($3.38 billion), up 20.5% on the corresponding period last year, partly driven by non-operating realised gains.

CEO Oliver Bäte says it is a “strong start” to the year, and he is confident the business will hit annual projections.

“Despite the market volatility and low interest rates, we continue to expect an operating profit for the full year of €10.5 billion ($16.1 billion), plus or minus €500 million ($766.9 million).”

Total revenue fell 6.4% to €35.4 billion ($54.43 billion) in the quarter. Operating profit was down 3.5% to €2.8 billion ($4.29 billion).

The property and casualty combined operating ratio improved to 93.3% from 94.6%, which was largely attributable to fewer natural catastrophes claims.

Third-party assets under management decreased to €1.24 trillion ($1.9 trillion) at the end of the first quarter from €1.28 trillion ($1.96 trillion) at the end of last year.