Allianz SE is sticking with its full-year profit target as improving returns offset a jump in losses from natural catastrophes.
The insurer reiterated an operating profit target of 10.3 billion euros to 11.3 billion euros for this year in a statement on Wednesday. Operating profit rose 9.4 percent to 2.9 billion euros. Net income dropped 15.3 percent to 1.8 billion euros ($2 billion) from 2.1 billion euros a year earlier, as gains from the sale of financial stakes weren’t repeated.
"Our first quarter results were a good start into 2017 and our balance sheet remained strong,” Chief Executive Officer Oliver Baete said in the statement. “Despite market volatility and low interest rates, we confirm our outlook.”
|Higher disaster claims
At Allianz’s property and casualty insurance unit, spending on claims and other costs as a percentage of premiums, known as the combined ratio, worsened to 95.6 percent from 93.3 percent a year earlier due to higher disaster claims. A ratio below 100 percent means an insurer is making a profit from underwriting.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
