Insurer Allianz Q1 profit surges to (EURO)1.4 billion
May 14, 2012 by N/A
May 09, 2012
FRANKFURT, Germany — Insurance company Allianz SE says net profits shot up more than 50 percent to (EURO)1.4 billion in the first quarter compared to a year ago as claims from natural disasters fell.
Earnings a year ago were (EURO)915 million, when the company reported (EURO)737 million in payouts for the insured damage from the earthquake and tsunami in Japan, a cyclone in Australia and the earthquake that devastated Christchurch, New Zealand.
It said Wednesday that revenue was over (EURO)30 billion compared to (EURO)29.9 billion a year ago. CEO Michael Diekmann affirmed the company’s earnings forecast for the year.
The company will release more detailed earnings on May 15.
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