Allianz key figures for the 1st quarter of 2011
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Based on preliminary figures, Allianz Group achieved total revenues of nearly 30 billion euros in the first quarter of 2011, compared to 30.6 billion euros in the first quarter of 2010.
Munich, May 04, 2011
Operating profit is expected to reach nearly 1.7 billion euros, close to last year’s first quarter profit level.
Expenses from natural catastrophes in the first quarter of 2011 will amount to roughly 750 million euros. Of that amount, some 320 million euros were reserved for claims related to the earthquake and tsunami in Japan.
Net income in the first quarter of 2011 is expected slightly above 900 million euros, compared to 1.6 billion euros 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.
Michael Diekmann, CEO of Allianz SE: "Although we spent almost 200 million euros 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."
As announced, Allianz will publish full details for the first quarter on May 12, 2011.