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Allianz sees first-quarter profit hike

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Allianz S.E. had net income of €2.03 billion ($2.50 billion) in the first quarter of 2018, up 5.7% from the same period last year, the German insurer said in its earnings statement Tuesday.

First-quarter revenue grew by 0.7% from a year ago to € 36.50 billion as property/casualty revenue rose 1.1% to €17.9 billion.

Gross property/casualty premiums written increased by 1.1% percent to €17.9 billion, the statement said.

“Premium income rose and the combined ratio improved in the quarter, underscoring the health of our property and casualty business,” Giulio Terzariol, chief financial officer of Allianz, said in the statement. “Our underwriting result strengthened due to disciplined efforts to improve technical excellence and productivity.”

The company’s first-quarter property/casualty combined ratio improved to 94.8% from 95.6% a year ago.

“Allianz enjoyed a good start into 2018. We had increases in both the top and the bottom lines, even if market volatility was visible at an operating level in the first quarter,” Allianz CEO Oliver Bäte said in the statement. “This good performance puts Allianz on track to meet its 2018 yearly targets.”