Operating profit reached EUR 2.9 billion (vs. EUR 2.7 billion), an increase of 9.4% y-o-y.
Net income attributable to shareholders was EUR 1.8 billion, "which is 15.3% below the year-earlier figure, largely due to one-off gains one year ago from the sale of financial stakes".
In Property and Casualty insurance, the combined ratio rose to 95.6% (vs. 93.3%), "largely due to claims stemming from large losses and natural catastrophes".
In Life and Health insurance, the new business margin strengthened to 3.1% for the first quarter of 2017 (vs. 2.6%), "reflecting the successful change of the product mix".
In Asset Management, third-party assets under management rose to EUR 1,403 billion at the end of the first quarter, compared to EUR 1,361 billion at the end of 2016.
"Our first quarter results were a good start into 2017 and our balance sheet remained strong. Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of EUR 10.8 billion, plus or minus EUR 500 million, barring unforeseen events, crises or natural catastrophes," said Oliver BATE, Chief Executive Officer of ALLIANZ SE.
ALLIANZ announced it will publish further details on business developments in the first quarter on May 12, 2017.