Insurer benefits from lower levels of natural catastrophe claims
Allianz Group’s profits climbed almost 60% during the first quarter of 2012 as the company experienced lower levels of natural catastrophes than in 2011.
Based on preliminary figures, the group made a net income of 1.4bn euros in the first quarter versus 915m euros for the same period a year earlier.
While its revenues remained flat at more than 30bn euros compared to 29.9bn euros in the opening quarter of 2011, operating profit increased 40%, exceeding 2.3bn euros, from 1.7bn euros last year.
Allianz said it maintained a strong capital position, increasing both shareholders’ equity and its conglomerate solvency ratio from year-end levels.
Allianz SE chief executive Michael Diekmann said: “As planned, all three business segments contributed to the good start into 2012, and we are on track to achieve our target for 2012.”
Allianz will publish the full details of the first quarter on 15 May 2012.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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