Allianz: Q1 2011 profit to be close to Q1 2010 despite nat cat hit

It added operating profit is expected to reach nearly Euros 1.7bn, close to last year's first quarter profit level' and expenses from natural catastrophes in the first quarter of 2011 will amount to roughly Euros750m.

Of that amount, some Euros 320m euros were reserved for claims related to the earthquake and tsunami in Japan.

Net income in the first quarter of 2011 is expected slightly above Euros 900m, compared to Euros 1.6bn in the first quarter of 2010, Allianz continued.

In addition to natural catastrophe costs, lower realized gains against the background of volatile capital markets contributed to this development.

Michael Diekmann, CEO of Allianz SE, said: "Although we spent almost 200 million euros more on natural catastrophes than in the same quarter of the previous year, we were able to keep our operating profit close to the previous year's level.

"This is testimony to the broad-based nature of our business portfolio. We are on track to achieve our operating profit target for 2011."

Allianz will publish full details for the first quarter on 12 May 2011.