(Bloomberg) -- Allianz SE said first-quarter profit surged 21%, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose.
Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros a year earlier, the Munich-based company said in a statement on Monday. The average estimate of six analysts was for earnings of about 1.55 billion euros, according to data compiled by Bloomberg.
“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,” Chief Executive Officer Oliver Baete said.
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