Allianz Group began 2014 with a strong first quarter. At 33.96 billion euros, Allianz achieved the highest total quarterly revenues in the company’s history. Compared to the previous year’s first quarter figure of 32.05 billion euros, revenues increased by 6.0 percent. Operating profit reached 2.72 billion euros, 2.6 percent below the previous year’s record figure of 2.80 billion euros. Net income attributable to shareholders was 1.64 billion euros, a decrease of 3.9 percent from 1.71 billion euros the year before.
In Property and Casualty insurance, operating profit grew strongly, benefitting from an improved underwriting result after a lower impact from natural catastrophes. Revenues increased in the Life and Health insurance segment due to strong new life sales, and operating profit remained at a high level. Following exceptionally high results in the previous year, Asset Management performed within expectations.
The conglomerate solvency ratio rose by two percentage points to 184 percent as of March 31, 2014, from 182 percent at the end of 2013. Shareholders’ equity grew over the same period by 6.9 percent to 53.525 billion euros from 50.084 billion euros.
“In the first three months, Allianz achieved results comparable to last year’s highs. This is an encouraging start for the year. While it is hard to predict what kind of economic and political volatility lies ahead in the current environment, we are well prepared for the rest of 2014,” said Dieter Wemmer, Chief Financial Officer of Allianz SE.