Allianz Starts Year with Jump in Profits
German insurance group Allianz started the year with a jump in profits thanks to higher prices and lower losses from natural catastrophes.
The company on Friday reported a 24.2% increase in operating profit in the first quarter to €3.7 billion ($4 billion). Experts had expected a slightly smaller increase.
The shareholders’ core net income quadrupled to €2.2 billion.
Non-operating result in early 2022 was impacted by a provision related to the Allianz Global Investors (AGI) US Structured Alpha matter.
After the first quarter, chief executive officer Oliver Bate sees the group on course to achieve an operating profit of between €13.2 billion and €15.2 billion this year as planned.
For the first time, the figures were calculated according to the new accounting standards IFRS 17 and IFRS 9, which have been in force for large insurers since the beginning of 2023. The figures for the first quarter of 2022 have been adjusted accordingly.
Reviewer overview
Allianz Starts Year with Jump in Profits - /10
Summary
German insurance group Allianz started the year with a jump in profits thanks to higher prices and lower losses from natural catastrophes.
0 Bad!
