Allianz: Q1 2011 profit to be close to Q1 2010 despite nat cat hit
Based on preliminary figures, Allianz achieved total revenues of nearly Euros 30bn in the first quarter of 2011, compared to Euros 30.6bn in the first quarter of 2010.
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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Reinsurance
Throwback Thursday: Howden saves insurers millions
Insurance Post’s Throwback Thursday steps back in time to November 1975 to remind you what was going on this week in insurance history when Alexander Howden, the brokerage created by CEO of Howden Group’s David Howden’s great-great-great grandfather, boasted how much he was saving insurers.
Top 50 Reinsurers of 2025 revealed
Swiss Re’s adoption of IFRS 17 has propelled it to pole position on this year's Top 50 Reinsurers ranking, which Christopher Pennings, financial analyst at AM Best observes, highlights how the new accounting standard continues to reshape global reinsurance standings.
Guidewire eyes retail broking and reinsurance for ‘next chapter’
Guidewire is experimenting with building solutions to connect its customer base of primary insurers with reinsurers and retail brokers, the company’s group vice president Charles Clarke has told Post.
Throwback Thursday: Food safety; Swiss Re’s promise
Insurance Post’s Throwback Thursday steps back in time to October 1990 to remind you what was going on this week in insurance history when hopes were high the Food Safety Act 1990 would reduce contamination claims.
Q&A: Jonathan Gray, Pool Re
Jonathan Gray, chief underwriting officer at Pool Re, discusses the impact of recent changes at the state-backed terrorism reinsurer and how its helping businesses manage risk.
Gallagher Re CEO insists buyers have ‘huge amount of choice’
Gallagher Re CEO Tom Wakefield has said the turning market means that numerous facets of reinsurance programmes will be up for discussion ahead of the Rendez-Vous de Septembre in Monte Carlo.
Reinsurance outlook ranges from ‘stable’ to ‘deteriorating’
Rating agencies have shared their outlook for the global reinsurance sector, with both Fitch Ratings and Moody’s Ratings revising down their outlooks for 2026, while S&P Global Ratings has maintained its ‘stable’ outlook.
Sompo strikes £2.6bn deal to acquire Aspen
Sompo has agreed to acquire Aspen in a deal worth approximately $3.5bn (£2.6bn), with the transaction expected to close in the first half of 2026, subject to regulatory approvals.