Allianz reports fourfold jump in Q1 profit
German insurer Allianz SE said it had nearly quadrupled profits in the first quarter of 2010 thanks to growth in its life and health insurance and asset management segments as well as one-off gains.
The Munich company reported net income rose to euro1.6 billion (US$2.03 billion) in the first quarter from euro424 million during the same quarter last year.
Total revenue grew 10.3 per cent to euro30.6 billion from euro27.7 billion the previous year, while operating profit increased 20.4 per cent to euro1.7 billion from euro1.4 billion in the first quarter of 2009.
The company said its life and health insurance unit saw net income rise more than 72 per cent on the quarter, while its asset management segment posted a 55 per cent gain.
It also reported a euro 500 million gain from the sale of shares in the Industrial and Commercial Bank of China.
That helped compensate for a decline in the company’s property-casualty segment, which was badly impacted by natural disaster claims, the company said.
Earlier this month, the company warned that because of expenses of around euro500 million for major losses from natural disasters in the quarter – mainly earthquakes in Chile and Haiti – the operating profit for its property and casualty segment would be lower than last year.
