ALLIANZ 1Q2014 preview: the best quarter in the company's history

8 May 2014 — Daniela GHETU
ALLIANZ 1Q2014 preview: the best quarter in the company's history
allianz11ALLIANZ Group has released the 1Q2014 preliminary figures according to which the total revenues for the first quarter of 2014 reached around EUR 34 billion, the highest quarterly revenues in the company's history (6.25% up y-o-y).

Operating profit reached EUR 2.72 billion in 1Q2014, slightly lower than the EUR 2.80 billion recorded in 1Q2013. Net income attributable to shareholders was EUR 1.64 billion, compared to EUR 1.71 billion for the first quarter of 2013.

In Property and Casualty insurance the combined ratio improved to 92.6% from 94.3% in 1Q2013. In Life and Health insurance the new business margin rose to 2.5% for 1Q2014 from 1.8% for the same period the previous year. In Asset Management, as a result of market value increases, third-party assets under management remained stable at EUR 1,342 billion at the end of the first quarter, compared to EUR 1,329 billion at the beginning of 2014.

"The first quarter came in strong like last year. Both Property and Casualty insurance and Life and Health insurance exceeded their quarterly share of our full-year outlook, and Asset Management was in line with target," said Michael DIEKMANN, CEO of Allianz SE. "We are on track to achieve our operating profit outlook for the full year of EUR 10.0 billion, plus/minus EUR 500 million."

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