German insurance group Allianz informed that at Q1 2023 its total business volume rises 3.9% to EUR 46.0 billion, driven by "the Property-Casualty business segment which benefited from higher prices and volumes. This result was partly offset by lower business volumes in the Life/Health business segment, primarily due to softer single-premium volumes, and a decrease in AuM-driven revenues in our Asset Management business segment".

At the same time, operating profit increases 24.2% to EUR 3.7 billion (1Q 2022: EUR 3.0 billion) due to strong performance particularly in Life/Health and Property-Casualty business segments. "This is due to a higher result of our US operations in the Life/Health business segment, and a stronger insurance service result in the Property-Casualty business segment. This was partly offset by the Asset Management business segment due to reduced AuM-driven revenues and a higher cost-income ratio".

The company representatives mentioned that the 2023 operating profit target is confirmed at EUR 14.2 billion, plus or minus EUR 1 billion.

"We can be proud of our operating profit and bottom line, a reflection of our strength, our skills, and consistent execution of our strategy. We once again benefited from our diversified business mix and delivered particularly strong performance in the Property-Casualty segment, driven by robust pricing, continued underwriting discipline and focus on further productivity gains. Our strong profitability and capitalization underscore our aspiration to remain the trusted partner for our clients to secure their futures as they continue to navigate a time of hesitation and uncertainty", said Oliver Baete, Chief Executive Officer of Allianz SE.

Click here to read the full statement released by Allianz.