Operating profit reached 2.86 (2.72) billion euros, an increase of 4.8 percent. Net income attributable to shareholders was 1.82 (1.64) billion euros, which is 11.0 percent above the year-earlier figure.
In Property and Casualty insurance, the combined ratio stood at 94.6 (92.6) percent, of which 1.9 percentage points can be attributed to claims from natural catastrophes. In Life and Health insurance the new business margin was 1.5 (2.5) percent for the first quarter of 2015, reflecting the challenges of the low-interest rate environment. In Asset Management, following both positive market effects and favorable currency effects, third-party assets under management increased to 1,408 billion euros at the end of the first quarter, compared to 1,313 billion euros at the end of 2014.
The conglomerate solvency ratio increased to 190 percent at the end of the first quarter, ten percentage points higher than at the end of 2014. Solvency II capitalization remained stable at 192 percent due to management action.
"Our first quarter results were a good start into 2015 and we remain confident in achieving our full-year operating profit target of 10.4 billion euros, plus/minus 400 million euros," said Michael Diekmann, CEO of Allianz SE.
As announced, Allianz will publish full details on business developments in the first quarter on May 12, 2015.