Allianz on track for the full-year despite jump in disaster claims

DAMAGE claims in Japan and elsewhere in the first quarter failed to blow Allianz off course for its full-year profit goal, Europe’s biggest insurer said yesterday.

Allianz’s operating profit was steady at nearly €1.7bn (£1.5bn) in the first three months of the year, compared with a year earlier, it said in a statement.

“We are on track to achieve our operating profit target for 2011,” chief executive Michael Diekmann said, referring to the company’s goal of earning operating profit of around €8bn, give or take €500m due to persisting uncertainties.

Allianz made quarterly net profit of slightly over €900m, down from €1.6bn in the first-quarter of 2010, and said the difference was due to lower realised gains in addition to big payouts for natural catastrophes.