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Allianz Q1 Profit Increases; Confirms 2021 Operating Profit Outlook

German insurance and asset management company Allianz SE (AZSEY.PK) reported that its first-quarter net income attributable to shareholders increased 83.4 percent to 2.6 billion euros from last year's 1.4 billion euros driven predominantly by operating profit growth and to a smaller extent by a better non-operating result following lower impairments. Higher income taxes had a slightly offsetting effect.

Earnings per share increased to 6.20 euros from 3.21 euros in the previous year.

Operating profit increased 44.8 percent year-over-year to 3.3 billion euros, with all business segments contributing.

But total revenues for the quarter declined 2.6 percent year-over-year to 41.4 billion euros and were flat compared to the prior-year level, adjusted for currency and consolidation effects.

The company confirmed 2021 operating profit target at 12.0 billion euros, plus or minus 1 billion euros.

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