(Reuters) – German insurance company Allianz SE on Tuesday showed a slight increase in net profit in the first quarter from a year earlier, marginally ahead of expectations, and confirmed its targets for 2019.
The result was helped by lower claims from natural disasters, despite that the Group's asset management department – which includes Pimco – faces the high costs due to investments, says the company in a statement.
Net income attributable to shareholders increased to SEK 1.97 billion ($ 2.21 billion) from EUR 1.94 billion a year ago. A Reuters survey by analysts had predicted a profit of EUR 1 908 billion.
Turnover increased by 9.1% to EUR 40.3 billion from a year earlier, said the Munich-based insurer.
The results set Allianz "on the right track" to meet their goals throughout the year, Chief Executive Oliver Baete said.
Allianz's combined stake in its real estate and accident department, an important measure of profitability, was 93.7% in the first quarter, an improvement of 1.1 percentage points from the previous year. Readings below 100 indicate profitability.