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Allianz Sees Profits Nearly Quadruple for 1Q

Posted on 12 May 2010

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Europe's biggest insurer, Allianz SE, announced that said profit almost quadrupled, helped by growth at the life and health insurance and asset-management units and a gain from selling a stake in Industrial & Commercial Bank of China Ltd.

Net income in the first quarter climbed to 1.59 billion euros ($2 billion) from 424 million euros a year earlier, the Munich-based company said in an e-mailed statement today. That beat the median estimate of 1.21 billion euros by 12 analysts surveyed by Bloomberg. Allianz earned 500 million euros from the sale of about one-third of its remaining stake in Chinese lender ICBC, according to the quarterly report.

Chief Executive Officer Michael Diekmann, 55, told shareholders at the annual meeting in Munich last week that operating profit rose 20 percent to about 1.7 billion euros in the first quarter. Natural catastrophes including an earthquake in Chile and winter storm Xynthia in Europe cost the insurer 555 million euros in the period.