(Il Sole 24 Ore Radiocor) - Milano, 13 mag - German insurer Allianz in the first quarter posted a record operating profit of 4.5%, up 6.6% from a year ago and 26% of the full-year outlook midpoint, driven by the Property-Casualty and Asset Management segments, while Life/Health was resilient in a volatile market environment.

Total business volume reached 53 billion euros from 54 billion euros a year ago but with a 3.5% internal growth, which excludes currency translation, acquisitions, and divestments. The Property-Casualty segment was the main contributor with strong business growth also in Asset Management.

Shareholders' core net income jumped 48.4% to 3.8 billion euros, impacted by the sale of the stakes in the Indian Joint Ventures. Underlying growth, which adjusts for the sale effects and offsetting measures, was 7%.

Core earnings per share grew 50.7% to 9.96 euros. Adjusted for the above-mentioned effects, underlying growth was 9%.

The annualized core RoE at 24.2% and on an underlying basis was 18%. Solvency II ratio3 increased by 2 percentage points to 221%.

Allianz said it was on track to achieve its full-year operating profit outlook of 17.4 billion euros, plus or minus 1 billion euros. It said that in the quarter, it completed 0.3 billion euros of its up to 2.5 billion euro share buyback.

program announced on February 25.

(RADIOCOR) 13-05-26 08:00:49 (0082) 5 NNNN