Allianz: Preliminary Results Show Lower First-Quarter Net Income
May 13, 2014 by Marie Suszynski
MUNICH – Allianz Group’s preliminary results for the first quarter show a 4% decrease in net income, but the company said it achieved its highest quarterly revenues in its history.
Net income attributable to shareholders fell to €1.64 billion (US$2.28 billion) from €1.71 billion during the first quarter of last year. Revenues, meanwhile, rose to around €34 billion, up from €32 billion a year ago, the company said in a statement.“The first quarter came in strong like last year,” Michael Diekmann, chief executive officer of Allianz SE, said in a statement. “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.”
The company’s combined ratio for property/casualty insurance improved to 92.6, compared to 94.3 during the first quarter of 2013. The business margin for life and health insurance rose to 2.5% from 1.8% a year ago. Market value increases kept third-party assets under management stable at €1.34 billion.
Allianz is on track to achieve a full-year operating profit of €10 billion, plus or minus €500 million, Diekmann said.
Allianz released the preliminary results a week before it plans to issue full results for the first quarter on May 14.
In 2013, Allianz SE reported a 14.1% increase in net income of €6.3 billion (Best’s News Service, Feb. 27, 2014).
Allianz SE has a current Best’s Financial Strength Rating of A+ (Superior).
(By Marie Suszynski, Best’s News Service correspondent )
