Allianz 1Q Profit Jumped Despite Revenue Slipping
By Olivia Bugault
Allianz SE said Wednesday that revenue edged down in its first
quarter while profit jumped helped by a strong growth at its
property and casualty and its life-health businesses.
The German insurer reported net profit of 2.57 billion euros
($3.12 billion), up from EUR1.40 billion during the first quarter
of 2020, and operating profit grew 45% to EUR3.34 billion, it
"In our property-casualty business segment, operating profit
grew strongly due to a higher underwriting result driven by a
normalization of claims from natural catastrophes and lower
attritional losses--the latter suffered high Covid-19-related
losses in the first quarter of 2020," it said. Operating profit
grew 48% at its life-health segment.
Revenue fell to EUR41.4 billion from EUR42.6 billion.
Its solvency II ratio, a key measure of balance-sheet strength,
stood at 210% at the end of March, up from 207% at the end of
Allianz confirmed its 2021 operating profit target of EUR12
billion, plus or minus EUR1 billion.
Write to Olivia Bugault at firstname.lastname@example.org
(END) Dow Jones Newswires
May 12, 2021 01:36 ET (05:36 GMT)
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