One of the largest insurance companies in the world, Allianz SE said it made a net profit of EUR1.9 billion for the first quarter of the year.
The result is a positive when compared to EUR1.8 billion posted in 2017 which is a 6.8 percent increase versus the first quarter of 2017, driven by a higher non-operating investment result, a decrease in restructuring charges and a lower effective tax rate.
Total revenues increased 0.7 percent to 36.5 (first quarter of 2017: 36.2) billion euros. Operating profit decreased 6.0 percent or 176 million euros to 2.8 (2.9) billion euros.
The main drivers for the decrease were 142 million euros currency translations and 148 million euros benefit in the prior year related to our corporate pension administration.
Operating performance for the quarter is precisely at 25 percent of the Group’s full-year operating profit target, signaling that results are well on track.
“Allianz enjoyed a good start into 2018. We had increases in both the top and the bottom lines, even if market volatility was visible at an operating level in the first quarter. This good performance puts Allianz on track to meet its 2018 yearly targets,” said Oliver Bäte, Chief Executive Officer of Allianz SE.
“Premium income rose and the combined ratio improved in the quarter, underscoring the health of our Property and Casualty business. Our underwriting result strengthened due to disciplined efforts to improve technical excellence and productivity. We remain on track to meet our target of 94 percent in the combined ratio,” said Giulio Terzariol, Chief Financial Officer of Allianz SE.