Germany’s Allianz Group posted net income of € 1.9 billion ($1.73 billion) in the first quarter compared to € 704 million ($641 million) in the same period last year, a sizeable 170 percent increase, even though a portion of it came from the sales of investments rather than operations.
There was substantial growth in Allianz p/c activities “Premium income advanced during the first three months by 6.7 percent from 13.0 to 13.9 billion euros,” said the company, noting particularly strong growth in France, Great Britain, Spain, Switzerland, Eastern Europe and the Asia-Pacific region.
The investment gains from the changes in German law which allowed Allianz to sell minority stakes in Munich Re, HVB Group and several others without paying a prohibitive 50 percent tax.
Allianz first quarter results were by any measure extremely good. Summing them up the company’s announcement stated that, ” Worldwide the Allianz Group succeeded in increasing its gross premium income by 10.6 percent from 20.6 to 22.8 billion euros [$20.77 billion]. Net income in banking business amounted to 2.0 billion euros[$1.82 billion]. Assets under management of the Allianz Group at the end of the first quarter of 2002 increased to 1185 billion euros [$1.08 trillion]. Investments for third parties advanced by 3.5 percent to 642 billion euros [$585 billion].