The FINANCIAL -- Allianz Group achieved total revenues for the first quarter of 2016 of 35.4 (first quarter of 2015: 37.8) billion euros. This represents a decrease of 6.4 percent compared to the first quarter of 2015.
Operating profit reached 2.8 (2.9) billion euros, a decrease of 3.5 percent.
Net income attributable to shareholders was 2.2 (1.8) billion euros, which is 20.5 percent above the year-earlier figure, driven in part by non-operating realized gains, according to Allianz Group.
In Property and Casualty insurance, the combined ratio improved to 93.3 (94.6) percent, largely due to fewer claims stemming from natural catastrophes. In Life and Health insurance, the new business margin rose to 2.5 (1.5) percent for the first quarter of 2016, reflecting efforts to improve the product mix. In Asset Management, third-party assets under management decreased to 1,242 billion euros at the end of the first quarter, compared to 1,276 billion euros at the end of 2015.
Solvency II capitalization eased to 186 percent at the end of the first quarter compared to 200 percent at the end of 2015 due to capital market developments, partly offset by risk management actions. The decrease was also due in part to a changed regulatory treatment affecting the German life insurance industry that took effect on January 1, 2016.
“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,” said Oliver Bäte, CEO of Allianz SE. “Despite the market volatility and low interest rates, we continue to expect an operating profit for the full year of 10.5 billion euros, plus or minus 500 million euros.”