German insurer Allianz SE posts strong increase in Q1 profits

BERLIN – German insurance company Allianz SE says preliminary figures show a strong increase in first quarter profits as a result of improvement across all of its business segments.

The company said Tuesday net income attributable to shareholders rose 24 per cent to 1.7 billion euros ($2.2 billion), from 1.4 billion euros in the same quarter last year.

Operating profit jumped 20 per cent to 2.8 billion euros, while total revenue rose 6.6 per cent to 32 billion euros over 2012’s first quarter.

CEO Michael Diekmann said in a statement that the gains were “broad based.” But he says the company is not adjusting its forecasts for the year in the wake of the results “in view of the existing market risks.”

Alliance says all other figures will be published May 15.