MUNICH (dpa-AFX) - Allianz SE (ALIZY) reported that its first quarter net income attributable to shareholders was 0.6 billion euros, down 78.1 percent from the previous year. The decline reflects the impact of an additional pre-tax provision of 1.9 billion euros related to the AllianzGI U.S. Structured Alpha proceedings, which reduced the group's first-quarter net income by 1.6 billion euros. Basic Earnings per Share was 1.38 euros, down 77.9 percent from the prior year.
Excluding the provision, net income was 2.2 billion euros, down 16.0 percent mainly due to a lower non-operating result.
Operating profit was 3.2 billion euros, down 2.9 percent as claims from natural catastrophes nearly quadrupled, leading to a decline in the underwriting result in the Property-Casualty business segment. This was partly offset by a strong operating result in the Asset Management business segment due to higher average third-party assets under management (AuM).
Total revenues for the first quarter rose by 6.2 percent year-over-year to 44.0 billion euros.
The company confirmed its full-year 2022 outlook of operating profit of 13.4 billion euros, plus or minus 1 billion euros.
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