Allianz on track for 2012 targets
by Gill Montia
Story link: Allianz on track for 2012 targets
Based on preliminary figures, Allianz SE says it achieved total revenues of over €30 billion in the first quarter of 2012, compared to €29.9 billion in the same period of 2011.
Operating profit exceeded €2.3 billion, approximately 40% above last year’s level of €1.7 billion, and net income in the first quarter of 2012 topped €1.4 billion, up almost 60% year-on-year despite high claims from natural catastrophes.
The insurer has also maintained a strong capital position, having increased both shareholders’ equity and its conglomerate solvency ratio from year-end levels.
Allianz SE chief executive officer, Michael Diekmann, comments: “As planned, all three business segments contributed to the good start into 2012, and we are on track to achieve our target for 2012.”
The group will publish full details for the first quarter on 15th May.