Allianz group reports profits up, but COR worsens in first quarter

Allianz group reports higher earnings

Allianz group reported first quarter operating profit rose 9.4% from a year earlier to €2.9bn, while revenues rose 2.5% to €36.2bn.

In property and casualty insurance, the combined ratio rose 2.3 percentage points to 95.6% largely due to claims stemming from large losses and natural catastrophes.

“Our first quarter results were a good start into 2017 and our balance sheet remained strong,” said chief executive Oliver Baete.

Prior-year figures have been restated due to accounting changes. Allianz will publish further details on business developments in the first quarter on 12 May.