Allianz weathers Q1 claims, on track for 2011 goal

MUNICH (Reuters)—Big damage claims in Japan and elsewhere in the first quarter failed to blow Allianz S.E. off course for its full-year profit goal, Europe's biggest insurer said on Wednesday.

Allianz kept operating profit largely steady at nearly €1.7 billion ($2.4 billion) in the first three months of the year, compared with the same period a year earlier, it said in a statement released for its annual shareholder meeting.

"We are on track to achieve our operating profit target for 2011," Chief Executive Michael Diekmann said, referring to the company's goal of earning operating profit of around €8 billion ($11.2 billion), give or take €500 million ($701 million) due to persisting uncertainties.

Allianz made quarterly net profit of slightly over €900 million ($1.26 billion), down from €1.6 billion ($2.2 billion) in the first quarter of 2010, and said the difference was due to lower realized gains in addition to big payouts for natural catastrophes.

Natural disaster claims in the first quarter were around €750 million ($1.05 billion), including €320 million ($449 million) from the devastating March 11 earthquake and tsunami in Japan.

Allianz had penciled in about €900 million ($1.26 billion) for expected natural catastrophe claims for the full year.