Quarterly revenues up for Allianz, net income down

Allianz Group has reported the highest quarterly revenues in the company’s history for the first three months of the year, at 34 billion euros, up from 32 billion euros in Q1 of 2013.

Net income attributable to shareholders was 1.64 billion euros, down from 1.71 billion euros for the first quarter of 2013.

The company’s operating profit saw a decrease from 2.8 billion euros in the first quarter of 2013 to 2.72 billion euros in Q1 this year.

For property and casualty insurance, the firm’s combined ratio in Q1 improved to 92.6% from 94.3% in the prior year quarter.

For life and health insurance the new business margin rose to 2.5% in Q1 from 1.8% for the same period the previous year, while for its asset management business, “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.”

Allianz’s CEO Michael Diekmann said in a press release that the company is on track to achieve its operating profit outlook of 10 billion euros for the full year, plus/minus 500 million euros.