The company confirms its full year outlook of operating profit of EUR 13.4 billion, plus or minus EUR 1 billion.
In the Property-Casualty insurance segment, total revenues rose by 9.1% to EUR 21.5 billion (vs. EUR 19.7 billion). Adjusted for foreign exchange and consolidation effects, internal growth was strong at 6.6% across all entities and geographies. Operating profit declined by 9.0% to EUR 1.4 billion (vs. EUR 1.5 billion) due to a lower underwriting result which was affected by higher claims from natural catastrophes. The combined ratio rose 1.7%-p to 94.7% (Q1 2021: 93.0%).
In the Life/Health insurance business, total revenues were at EUR 20.7 billion (Q1 2021: EUR 20.0 billion). The present value of new business premiums was stable at to EUR 19.4 billion (vs. EUR 19.5). Operating profit remained unchanged at EUR 1.2 billion.
In Asset Management, operating profit surged by 11.2% to EUR 831 million (Q1 2021: EUR 747 million). Third-party assets under management were EUR 1.878 trillion. Net income in Asset Management was impacted by a provision of EUR 1.9 billion before tax, relating to the Structured Alpha funds of Allianz Global Investors to address the remaining financial exposure in relation to compensation payments to
investors and any resolution of governmental proceedings.