“Even in a quarter marked by severe economic and geopolitical challenges, we maintained our first-quarter operating profit close to the strong level of the prior year. We have achieved nearly a fourth of our full-year target, which shows our operating performance remains on track.
In our Property-Casualty business, we witnessed strong internal growth, driven by healthy pricing and robust volume growth as our business benefits from its solid position in a recovering economy. Our operating profit was affected by the highest level of claims from natural catastrophes for a first-quarter in a decade.
In Life/Health, the strong improvement in our new business margin and value reflects an improved business mix and increase in volumes across most entities. This bodes very well for our future profitability.
Our Asset Management business had a very strong first-quarter in terms of operating profit. The net income of the segment was impacted by a provision related to the Structured Alpha matter to address the remaining financial exposure in relation to compensation payments to investors and any resolution of governmental proceedings. The provision will not affect our dividend policy and payout.
We confirm our full-year outlook of operating profit of 13.4 billion euros, plus or minus 1 billion euros.”
- Giulio Terzariol, Chief Financial Officer of Allianz SE