German insurance giant Allianz SE has released preliminary figures for the first quarter of 2012, which indicate that total revenues will be over €30 billion [$38.80 billion] slightly above the €29.9 billion [$38.45 billion] for Q1 2011. Allianz said it will publish full details for the first quarter on May 15, 2012.
The report said operating profit exceeded €2.3 billion [$2.98 billion], “approximately 40 percent above last year’s level of €1.7 billion [$2.203 billion]. Net income in the first quarter of 2012 topped €1.4 billion [$1.814 billion], up nearly 60 percent from €915 million [$1.1858 billion] over the same period in 2011, which was burdened especially by high claims from natural catastrophes.”
The bulletin also noted that the group “maintains a strong capital position: it increased both shareholders’ equity and its conglomerate solvency ratio from year-end levels.”
CEO Michael Diekmann commented: “As planned, all three business segments contributed to the good start into 2012, and we are on track to achieve our target for 2012.”
Its most recent full financial statement, a recap of 2011, posted in February, detailed net income of $3.777 billion, missing estimates by almost half a billion euros. Total revenues were down slightly at €103.56 billion [$139.5 billion] compared to €106.451 billion [$142.16 billion] in 2010. Operating profits dropped as well to €7.866 billion [$10.58 billion] from €8.243 billion [$11.103 billion] in 2010.
Source: Allianz SE
Was this article valuable?
Here are more articles you may enjoy.