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First-Quarter Net Profits Surge for Insurer Allianz SE

Posted on 10 May 2012

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AllianzInsurance company Allianz SE says net profits shot up more than 50 percent to €1.4 billion in the first quarter compared to a year ago as claims from natural disasters fell.

Earnings a year ago were €915 million, when the company reported €737 million in payouts for the insured damage from the earthquake and tsunami in Japan, a cyclone in Australia and the earthquake that devastated Christchurch, New Zealand.

It said Wednesday that revenue was over €30 billion compared to €29.9 billion a year ago. CEO Michael Diekmann affirmed the company's earnings forecast for the year.

The company will release more detailed earnings on May 15.