Allianz Q1 net profit up 83%, better than expected

Allianz posts better-than-expected 2.3% rise in Q3 net profit
Allianz posts better-than-expected 2.3% rise in Q3 net profit   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<p><body> <p><span class="caps">FRANKFURT</span> (Reuters) -German insurer Allianz on Wednesday posted a better-than-expected 83% jump in first-quarter net profit from a year earlier, as it recovers from pressure on business from the coronavirus pandemic.</p> <p>It said it saw a rebound in its property and casualty division and its life and health segment, and it confirmed its 2021 profit target.</p> <p>It reported net profit attributable to shareholders of 2.6 billion euros ($3.15 billion) in the three months through March, up from 1.4 billion euros a year earlier. The figure beat a 2.04 billion euro consensus forecast.</p> <p>“This is an encouraging kick-off for 2021 and makes us confident to reach our 2021 targets,” Chief Executive Oliver Baete said.</p> <p>The company said it continues to expect an operating profit this year of 12 billion euros, plus or minus 1 billion euros.</p> <p>Last year, the insurer abandoned its 2020 profit target due to economic uncertainty resulting from the pandemic. It posted its first decline in operating profit in nearly a decade.</p> <p>Allianz, like other insurers, faced clients making claims for business interruption and cancelled events from lockdowns, while demand for car and travel insurance fell.</p> <p>“I clearly see a return to our normal earnings power,” said Giulio Terzariol, chief financial officer. </p> <p>($1 = 0.8247 euros)</p> <p> (Reporting by Tom Sims and Alexander Huebner; Editing by Maria Sheahan and Emma Thomasson)</p> </body></p>