First-quarter profits beat forecasts at Allianz

Allianz reiterated full-year targets on Tuesday after the German insurer saw first-quarter net profits nudge ahead.

The Munich-based firm said net income for three months had risen 1% to €2.05bn, while operating profits jumped 7.5% to €2.96bn, slightly ahead of forecasts. Total revenues were ahead 9.1% at €40.3bn.

Basic earnings per share increased 4.5% to €4.65.

Allianz attributed the improved figures to "strong" premium growth, lower claims from natural catastrophes and an improved expense ratio.

Oliver Bäte, chief executive, said: "Allianz achieved strong results in the first quarter, putting the group on track to meet its 2019 full-year targets. Despite economic and political volatility, we are very well positioned to further develop our franchise."

Allianz is looking for a full-year operating profit of between €11bn and €12bn.

In its life-health insurance business, the present value of new business premiums rose 25% to €17.6bn, while its property-casualty insurance arm saw total revenues increase 6.3% to €19.5bn.

The asset management business, which includes Allianz Global Investors, saw third-party assets under management increase by €112bn to €1.548trn, an all-time high.

"Favourable foreign currency translation effects and completion of the Gurtin Municipal Bond Management acquisition further contributed to the increase," Allianz said.