Allianz (ALIZF,$208.00) posts Q1 results; revenue is up +6.2% year-over-year

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).