Oliver Baete, CEO of the German insurer Allianz SE, poses for photographer prior to the annual balance conference in Munich, Germany, Friday, Feb. 19, 2016. (AP Photo/Matthias Schrader)

(Bloomberg) — Allianz SE missed analyst estimates for fourth-quarter profit because of claims from natural catastrophes.

Net income at Europe’s biggest insurer increased to 1.42 billion euros ($1.6 billion) in the quarter from 1.22 billion euros a year earlier, the Munich-based company said in a statement Friday. That compares with the 1.56 billion-euro average of six estimates compiled by Bloomberg. The insurer’s shares fell 1.44% to 133.75 euros at 12:07 p.m. in Frankfurt.

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