Operating profit reached 2.72 billion euros in the first quarter after 2.80 billion euros over the same period the year before. Net income attributable to shareholders was 1.64 billion euros, compared to 1.71 billion euros for the first quarter of 2013.
In Property and Casualty insurance the combined ratio improved to 92.6 percent from 94.3 percent in the first quarter the year before. In Life and Health insurance the new business margin rose to 2.5 percent for January to March of 2014 from 1.8 percent for the same period the previous year. In Asset Management, as a result of market value increases, third-party assets under management remained stable at 1,342 billion euros at the end of the first quarter, compared to 1,329 billion euros at the beginning of 2014.
"The first quarter came in strong like last year. Both Property and Casualty insurance and Life and Health insurance exceeded their quarterly share of our full-year outlook, and Asset Management was in line with target," said Michael Diekmann, CEO of Allianz SE. "We are on track to achieve our operating profit outlook for the full year of 10.0 billion euros, plus/minus 500 million euros."
As announced, Allianz will publish full details on business developments in the first quarter on May 14, 2014.
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