German insurer Allianz AG declared net income of €1.18bn euros (£0.8bn) for the first quarter...

German insurer Allianz AG declared net income of €1.18bn euros (£0.8bn) for the first quarter of 2005, an increase of almost 33% over the comparable period last year.

Allianz said the improved performance stemmed from more disciplined underwriting in property and casualty business, growth in life, health and pensions business and an improved result from its banking arm, Dresdner Bank, among other factors.

The company said group revenues totalled €28.27bn (£19.27bn) for the quarter, an increase of 3.8% from the first quarter of 2004.

Combined ratio in property and casualty operations was 92.1% compared to 95.8% in the first three months of 2004.

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