Profitable months for the German insurance group. Allianz closed the first quarter of 2012 with a net profit of 1,371 billion euros, up 60% compared to the same period of 2011. It was it that drove profits up the recovery of investments in the insurance business and the absence of large claims to be compensated (when in 2011 the Tsunami emergency in Japan drained the Group's coffers). They remain revenues stable at 30,1 billion which, despite the difficult market scenario, represent the second best result in the history of the company.
Specifically, it was a decrease in compensation for damages due to natural catastrophes: – 695 million. However, the managing director, Oliver Baete, has foreseen “an increase in compensation for damages during the year”. The appropriations for this item have therefore been increased to 1,2 billion against the 1,1 billion foreseen to date.
At an operational level Allianz has also recorded an improvement in the life and health sector where, thanks to the rise in the stock markets, the operating result rose by 18% to 826 million. Growth in the sector was strong mainly given “globally weaker demand for fund-related products”, Allianz closing new life businesses in Japan and a decline in sales of bancassurance products in Italy.
“With today's results,” Baete said, “Allianz appears capable of achieving the 2012 target operating profit of 8,2 billion, with a margin of variation of 500 million more or less”
