Allianz reports near-record revenues for 2012 Q1

Allianz Group recorded a strong first quarter, increasing its overall revenues to $38.3 billion, the second highest level in the company’s history.

Operating profits in 2012 Q1 also rose for the German-based insurer, at $2.93 billion, up from the previous year’s mark of $2.16 billion.

“Property and casualty insurance showed a substantial improvement in operating profit due to a lower impact from natural catastrophes,” Allianz noted in a release. “Life and health insurance as well as asset management also produced significant increases.”

Net income for the first quarter of 2012 increased 57.9% to $1.78 billion from $1.14 billion in 2011 Q1.

“Allianz has put in a very good performance this quarter, following 2011 that was tough for the entire insurance industry,” said Oliver Bäte, chief financial officer of Allianz SE. “Despite the ongoing sovereign debt crisis, volatile markets and low interest rates, we continue to expect an operating profit for 2012 of $10.45 billion (€8.2 billion).”