Allianz reported first quarter operating profit of 3.2 billion euros – which remains solid, albeit with a mild, -2.9% decrease amidst higher claims from natural catastrophes.
The insurance company’s total revenues in the quarter were 44.0 billion euros, up +6.2% from the year-ago quarter. Internal revenue growth (which adjusts for foreign currency translation and consolidation effects) was +3.8%, on the back of growth in all business segments.
According to the company, Property-Casualty business experienced strong internal growth, driven by “healthy pricing and robust volume growth”. Operating profit was impacted by the highest level of claims from natural catastrophes for a first-quarter in a decade, the company stated.
In Life/Health, solid improvement in new business margin and value was due to improved business mix and increase in volumes across most entities – thereby auguring well for the company's future profitability, according to the company.
Allianz mentioned that its Asset Management business had a “very strong” first-quarter in operating profit.
Looking ahead, Allianz confirmed its 2022 operating profit outlook at 13.4 billion euros (plus or minus 1 billion euros).