ALLIANZ Group announced it achieved 1Q2016 total revenues of EUR 35.4 billion, 6.4% less y-o-y. Operating profit reached EUR 2.8 billion (a decrease of 3.5% ), while net income attributable to shareholders was EUR 2.2 billion, "which is 20.5% above the year-earlier figure, driven in part by non-operating realized gains", the German insurer pointed out in a statement.

"We had a strong start to 2016, reinforcing our confidence that we will be able to reach our outlook for 2016 despite the fact that this is a challenging year for the financial services industry. Despite the market volatility and low interest rates, we continue to expect an operating profit for the full year of EUR 10.5 billion, plus or minus EUR 500 million", said Oliver BATE, CEO of ALLIANZ SE.

In Property and Casualty insurance, the combined ratio improved to 93.3% (vs. 94.6%), "largely due to fewer claims stemming from natural catastrophes", in Life and Health insurance, the new business margin rose to 2.5% percent (vs. 1.5%), "reflecting efforts to improve the product mix", while in Asset Management, third-party assets under management decreased to EUR 1,242 billion (compared to EUR 1,276 billion at the end of 2015).

Solvency II capitalization eased to 186% at the end of the first quarter compared to 200 percent at the end of 2015 "due to capital market developments, partly offset by risk management actions. The decrease was also due in part to a changed regulatory treatment affecting the German life insurance industry that took effect on January 1, 2016", as ALLIANZ mentioned in the press release.

ALLIANZ announced will publish further details on business developments in the first quarter on May 11, 2016.