German insurance giant Allianz on Tuesday said its net profits soared by 60 per cent in the first quarter of 2012 and confirmed its full-year targets.
Net profits rose to 1.37 billion euros ($1.76 billion) in the first three months of the year on flat turnover of just over 30 billion euros, the group said, slightly better than analysts had expected.
The sharp increase in profits was based in part on a particularly weak first quarter of 2011, during which natural catastrophes including the devastating earthquake and tsunami in Japan weighed heavily on results.
“Allianz has put in a very good performance this quarter, following 2011 that was tough for the entire insurance industry,” said Oliver Baete, the firm’s chief financial officer.
“Despite the on-going sovereign debt crisis, volatile markets and low interest rates, we continue to expect an operating profit for 2012 of 8.2 billion euros, plus or minus 0.5 billion euros,” added Baete.
Allianz shares were up by 0.7 per cent at the opening bell on the German stock market, slightly outperforming the wider DAX.
Frankfurt, May 15, 2012 (AFP)