Group 1.3bn Euros profits

Allianz Group reported a 41% drop in operating profit in the first quarter of 2009.

The operating profit dropped from 2.2bn Euros to 1.3bn Euros compared to the prior year quarter.

The multi-national group - which includes insurance, banking services and asset management - reported an increase in revenues of 27.7bn Euros compared to 27bn Euros for the prior year.

The solvency ratio of Allianz Group is expected to be at approximately 158 percent.

Allianz will publish full details for the first quarter on May 13, 2009.