(Reuters) — Germany’s Allianz posted a big rise in first-quarter net profit on Friday, recovering from charges a year earlier over a scandal involving U.S. funds.
However, the 329% quarterly profit jump fell short of analysts’ expectations and was partly dampened by weakness in Allianz’s asset management division, which saw lower revenue and operating profit.
For the group as a whole, net profit attributable to shareholders was €2.032 billion ($2.24 billion), compared with €474 million a year earlier. The figure was below a consensus forecast of 2.327 billion euros.
The profit increase – most pronounced in the property/casualty division –; marked a return to business as usual for Allianz, which has been trying to restore its reputation after one of its fund units, Allianz Global Investors, was hit by a fraud case in the US that resulted in $6 billion in settlements and fines last year.
“We can be proud of our operating profit and results,” said CEO Oliver Baete.