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Allianz Q1 profit rises

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Christian Fernsby |
Allianz
Allianz   Operating profit increased 7.5 percent to 3.0 billion euros

Allianz reported higher profit in its first quarter, benefited by improved results mainly in Property-Casualty business segment.

Looking ahead, Chief Executive Officer Oliver Bäte said, "Allianz achieved strong results in the first quarter putting the group on track to meet its 2019 full-year targets... Despite economic and political volatility, we are very well positioned to further develop our franchise."

For fiscal 2019, the company continues to expect operating profit of 11.5 billion euros, plus or minus 500 million euros.

Earnings per share increased 5.5 percent to 4.65 euros from 4.40 euros in the prior year.

Operating profit increased 7.5 percent to 3.0 billion euros from the prior year's 2.8 billion euros. The higher earnings were mainly driven by Property-Casualty business segment due to strong premium growth, lower claims from natural catastrophes and an improved expense ratio.

Life/Health business segment operating profit grew slightly as higher loadings and fees and favorable true-ups more than offset a lower investment margin.

Meanwhile, Asset Management business segment's operating profit declined due to higher expenses related to investments in business growth.

Total revenues grew 9.1 percent to 40.3 billion euros from 36.9 billion euros in the previous year. Internal revenue growth, which adjusts for currency and consolidation effects, was 7.5 percent.

In the Property-Casualty segment, revenues grew 6.3 percent from last year to 19.5 billion euros. Life/Health revenues increased 12.9 percent to 19.3 billion euros. Asset Management revenues edged up 1 percent to 1.6 billion euros.

Third-party assets under management or AuM increased by 112 billion euros from December 31, 2018 to 1.55 trillion euros.

Total assets under management rose to 2,101 billion euros, reaching an all-time high, the company noted.


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