By Olivia Bugault 

Allianz SE said Wednesday that revenue edged down in its first quarter while profit jumped helped by a strong growth at its property and casualty and its life-health businesses.

The German insurer reported net profit of 2.57 billion euros ($3.12 billion), up from EUR1.40 billion during the first quarter of 2020, and operating profit grew 45% to EUR3.34 billion, it said.

"In our property-casualty business segment, operating profit grew strongly due to a higher underwriting result driven by a normalization of claims from natural catastrophes and lower attritional losses--the latter suffered high Covid-19-related losses in the first quarter of 2020," it said. Operating profit grew 48% at its life-health segment.

Revenue fell to EUR41.4 billion from EUR42.6 billion.

Its solvency II ratio, a key measure of balance-sheet strength, stood at 210% at the end of March, up from 207% at the end of 2020.

Allianz confirmed its 2021 operating profit target of EUR12 billion, plus or minus EUR1 billion.


Write to Olivia Bugault at


(END) Dow Jones Newswires

May 12, 2021 01:36 ET (05:36 GMT)

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