Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Allianz reports lower profits for 2014 first quarter

Reprints

Allianz S.E. posted net income of €1.74 billion ($2.39 billion) for the first quarter of 2014, down 3.4% compared with the first quarter of 2013 as its asset management business reported lower operating profits and revenues.

The Munich, Germany-based multiline insurer said total revenues for the first quarter were €34.0 billion ($46.78 billion), up 6.5% compared with the first quarter of 2013.

For property/casualty insurance, Allianz said gross written premiums were €15.22 billion ($20.94 billion), up 0.1% on the comparable period in 2013.

The insurer’s combined ratio for property/casualty insurance improved to 92.6% for the first quarter of 2014, compared with 94.3% for the first quarter of 2013.

The company said that its property/casualty profit was boosted, in part, by the low level of natural catastrophes during the first quarter of the year.

On the asset management side, Allianz reported an 18.9% decrease in operating revenues and a 26.3% drop in operating profits. The company said the decreases resulted from “the transfer of certain entities to other business segments.”

Allianz posted investment income of €5.14 billion ($7.07 billion) for the first quarter of 2014 compared with €5.17 billion ($7.11 billion) for the first quarter of 2013.