German insurer Allianz showed a major rise in pre-tax profits when it reported its first-quarter results for the year.
Allianz reported pre-tax profits for the group up 70% to €2.4bn (£1.5bn), and net profits up to €1.9bn (£1.2bn) from €705m (£443m) a year ago.
The profits were said to be boosted by a one-off gain from the sale of industrial holdings, therefore earnings in the second and third quarters are not expected to be as high.
