Allianz Q1 Results Show Continued Growth

Germany’s Allianz announced that the “positive earnings trend” it experienced in 2004 has continued into the first quarter of 2005.

According to preliminary figures net income for the period exceeded 1.1 billion euros ($1.4 billion). “Net income increased by around 30 percent compared to the same period of the previous year (after appropriate adjustments),” said the company’s news release. “This substantial increase in net income is a result of improvements in the operating business.”

The projections, released at the same time as Allianz held its Annual General Meeting, indicate that the market in Germany and in most of Europe remains strong. In P/C operations Allianz noted that its combined ratio “decreased further by over three percentage points compared to Q1 2004 to around 92 percent.”

Allianz reported net 2004 profits of 2.2 billion euros ($2.82 billion), despite last year’s spate of natural catastrophes and continued problems at its Dresdner Bank subsidiary. The group’s net rose 16.4 percent above the nearly 1.9 billion euros ($2.44 billion) it earned in 2003 (See IJ Website March 18).

Additional financial information and a full report on the Annual General Meeting is available on the company’s Website at: http://www.allianz.com.