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(ANSA-AFP) - FRANKFURT AM MAIN, MAY 12 - German insurer
Allianz on Friday reported a big jump in first-quarter profits
driven by higher prices for policies, and said it was on track
to meet its 2023 targets. The group booked a net profit of two
billion euros ($2.2 billion), it said, up from 474 million euros
a year earlier when Allianz was hit by hefty charges to settle a
US fund dispute. Allianz last year agreed to pay out around six
billion euros after investors filed a complaint in the United
States over losses suffered during the pandemic at the fund
unit. The first-quarter result nevertheless came in below
expectations, with analysts surveyed by FactSet forecasting a
net profit of 2.4 billion euros. The group's underlying, or
operating, profit rose by 24 percent year-on-year to 3.7 billion
euros. Allianz said earnings were powered by higher prices and
volumes for policies at its flagship property and casualty
division. The unit's strong performance helped offset lower
revenues at its life and health division and its asset
management arm. Allianz confirmed that full-year operating
profits remained stable at 14.2 bi (ANSA-AFP).
