Germany’s Allianz has issued a bulletin outlining the Group’s fiexpected financial results for the first quarter of 2011. It will release the full details for the period on May 12.
Allianz said that based on its preliminary figures, the Group achieved total revenues of nearly €30 billion [$44.65 billion] in the first quarter, compared to €30.6 billion [$45.54 billion] in Q1, 2010.
Operating profit is expected to reach nearly €1.7 billion [$2.53 billion], close to last year’s first quarter profit level.
Expenses from natural catastrophes in the first quarter of 2011 were estimated at around €750 million [$1.116 billion]. Of that amount, some €320 million [$476 million] was reserved for claims related to the earthquake and tsunami in Japan.
Net income in the first quarter of 2011 is expected to be slightly above €900 million [$1.339 billon], compared to €1.6 billion [2.38 billion] in the first quarter of 2010. “In addition to natural catastrophe costs, lower realized gains against the background of volatile capital markets contributed to this development,” said the bulletin..
CEO Michael Diekmann commented: “Although we spent almost 200 million euros [$298 million] 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.”
Source: Allianz SE
Topics Profit Loss Allianz
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