FRANKFURT (Dow Jones) — Allianz earned more than expected in the first quarter. Europe’s largest insurer benefited from a strong life and health insurance business. Allianz SE confirmed its outlook for the current year.
Operating profit increased in the period from January to March by 24 percent to 3.73 from 3.0 billion euros in the previous year. Analysts had expected 3.6 billion euros in a consensus published by the company itself. A strong 64 percent increase in life-health and a solid 23 percent increase in property-casualty were offset by a 13 percent decline in asset management profits.
Net profit rose to 2.032 billion euros from 474 million in the previous year. In the comparative period, high provisions for compensation for investors in Allianz Structured Alpha funds had reduced the result.
The previous year’s figures were subsequently adjusted to the new accounting according to IFRS 17/9, which is mandatory for insurance companies from this year. According to the old balance sheet regime, Allianz had reported operating 3.2 billion euros for the first quarter of 2022 and 561 million euros on balance.
In the current year, Allianz wants to continue to achieve an operating profit at the previous year’s level of 14.2 billion euros, with deviations of 1 billion euros up or down being possible. The analyst consensus was last at 14.3 billion euros.
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(END) Dow Jones Newswires
May 12, 2023 01:13 ET (05:13 GMT)
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