Allianz "operating improvements" offset catastrophe losses in Q1
Allianz this morning reported group quarterly revenue of €29.9bn - 2.2% below the record level of €30.6bn in the first quarter of 2010.
The group recorded an operating profit amounted to €1.66bn down from €1.73bn in the previous year's first quarter.
In the property and casualty insurance business, gross written premium in the first quarter increased by 1.8% to €14.3bn, compared to €14.0bn euros in the first quarter of 2010.
Operating profit amounted to Euros 663m, 6.9% lower than the Euros 712m in the first quarter of 2010.
Expenses from natural catastrophes amounted to Euros 737m euros for the quarter, of which €697m were reserved to cover the events in Australia, New Zealand and Japan. In the first quarter of 2010, expenses for natural catastrophes amounted to Euros 555m.
The combined ratio of 101.3% compares with 100.4% in the first quarter of 2010.
Natural catastrophes contributed 7.6 percentage points to the combined ratio after 5.9 percentage points in the first quarter of 2010.
The UK business reported a jump in GWP to Euros 519m (Q1 2010: Euros 463m) and slight fall in opertaing from to Euros 40m (Q1 2010: Euros 42m).
Oliver Bäte, chief financial officer of Allianz SE, said: "For Allianz, the past quarter took one of the hardest hits from natural catastrophes of any quarter in the last two decades. However, this effect was partly offset by operating improvements in several core markets, positive price effects on renewals and stable investment income."
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