Allianz's preliminary results show 60% rise in first-quarter net income

MUNICH—Net income for Allianz S.E. in the first quarter of 2012 topped €1.4 billion ($1.83 billion), up nearly 60% from the €915 million ($1.20 billion) over the same period in 2011, according to preliminary figures released Wednesday.

The Munich-based insurer and reinsurer credited a lack of catastrophe losses for the improvement.

Revenues were mostly unchanged at €30 billion ($39.25 billion) for the quarter, compared with €29.9 billion ($39.12 billion) during the first quarter of the previous year.

“As planned, all three business segments contributed to the good start into 2012, and we are on track to achieve our target for 2012,” Michael Diekmann, CEO of Allianz, said in a statement. The segments include property/casualty insurance, life/health insurance and asset management.

Allianz will release its full results for the first quarter on May 15.