MUNICH (dpa-AFX) - German financial services major Allianz SE (ALIZY, ALV.DE) reported Wednesday higher net income in its first quarter, despite weak business volume mainly on lower results in Life/Health segment.
Looking ahead for fiscal 2026, Allianz said it is on track to achieve its operating profit outlook of 17.4 billion euros, plus or minus 1 billion euros.
In the first quarter, net income attributable to shareholders climbed 52.3 percent to 3.69 billion euros from last year's 2.42 billion euros.
Shareholders' core net income was 3.79 billion euros, up 48.4 percent from 2.55 billion euros a year ago. Core earnings per share grew 50.7 percent to 9.96 euros from 6.61 euros last year.
Adjusted for the effects of the sale of the stakes in Indian Joint Ventures and offsetting measures, shareholders' core net income advanced 7 percent and core earnings per share grew 9 percent.
Operating profit increased 6.6 percent year-over-year to 4.52 billion euros, reflecting a strong development of Property-Casualty and Asset Management segments. The company noted that the performance of Life/Health segment was resilient in a volatile market environment.
Total business volume, meanwhile, dropped 1.8 percent to 53.0 billion euros from 54.0 billion euros a year ago. Internal growth was 3.5 percent, driven by a strong development in Property-Casualty and Asset Management.
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