German insurance giant Allianz Group has witnessed an 82% rise in profit for its first fiscal quarter in 2007 to E3.2 billion, driven primarily by realized gains from capital investments.
The group recorded revenues of E29.3 billion for Q1 2007, while operating profit stood at E2.9 billion, representing a 7.2% increase from E2.7 billion in Q1 2006. However, as a result of the claims costs from storm Kyrill totaling E340 million, the operating profit in the property and casualty business declined by E119 million compared to the previous year’s quarter. Operating profit of all other segments improved.
The results were also lifted by Dresdner Bank’s operating revenues, which saw a 7.4% increase to more than E2 billion compared with the first quarter of 2006. Its net interest income rose by 55.7% to E900 million, while its operating profit jumped by 28% from E529 million to E677 million.
Meanwhile, its asset management division also recorded a strong Q1 performance, with third-party assets under management increasing from E764 billion to E781 billion the previous year.