Insurance giant Allianz beats forecasts with €2.3bn profits
ALLIANZ, Europe’s largest insurer, said yesterday that its net profit rose nearly 60 per cent to over €1.4bn (£1.12bn) in the first quarter, according to preliminary figures that beat analyst expectations.
The firm, releasing results ahead of its official publication next week, also said revenues exceeded €30bn and operating profit was more than €2.3bn in the first three months of the year.
“All three business segments contributed to the good start into 2012, and we are on track to achieve our target for 2012,” Allianz chief executive Michael Diekmann said in a statement ahead of the company’s annual shareholder meeting.
Allianz said it had maintained a strong capital position and increased both shareholder equity and its regulatory solvency ratio from year-end levels.
But Diekmann was cautious about stimulus programmes in the Eurozone, warning that “additional debt burdens could overload the system”.