Allianz reports lower profits for 2014 first quarter

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.