Insurance giant Allianz today reported a four-fold growth in first quarter net profit to euro 1.58 billion ($1.97 billion), fuelled by the strong performance of its life and health insurance and asset management businesses.
Allianz posted a net profit of euro 424 million in the corresponding quarter last year, it said in a statement.
The company's total revenues increased to euro 30.56 billion during the January-March period of the year from euro 27.72 billion in the same quarter of the previous fiscal.
The company's revenue from the life and health business rose 18 per cent from the year-ago period to euro 15.35 billion in the first quarter ended March 31, 2010, while the company's asset management business witnessed a surge of 56 per cent in revenues from the year-ago period to euro 1.1 billion in the first quarter of the year.
Allianz said operating profit from its life and health insurance unit doubled to euro 812 million, while the asset management unit posted an operating profit of euro 466 million, compared with euro 211 million a year ago.
The company's property and casualty insurance unit, one of the most important divisions in terms of earnings, reported a 27 per cent decline in operating profit to euro 712 million during the reporting period.
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Allianz said its property and casualty insurance operations were hurt due to claims from a 8.8 magnitude earthquake in Chile and a wind storm in Europe. The two incidents cost the insurer euro 555 million during the period.
"The Property-Casualty segment was hit harder than usual by natural catastrophes during the first quarter. It is too early to say whether NatCat claims will revert to a normal level for the year as a whole, but we will be watching this closely," Allianz Chief Financial Officer Oliver Bate said.