Allianz's net profit more than tripled in the first quarter as strong life and health insurance and asset management business outweighed big damage claims.
Europe's biggest insurer posted net profit of €1.6 billion, compared with just €424 million a year earlier when financial crisis fallout weighed.
Operating profit in life and health insurance and asset managment more than doubled, but it fell by more than a fourth in Allianz's usual money spinner, property and casualty insurance, which was hurt by claims from a devastating 8.8 magnitude earthquake in Chile and a wind storm in Europe.
"It is too early to say whether (natural catastrophe) claims will revert to a normal level for the year as a whole, but we will be watching this closely," Chief Financial Officer Oliver Baete said in a statement.
Allianz had already reported some key figures for the first quarter ahead of its annual meeting of shareholders this month, including that operating profit rose by nearly a fifth.
Its share has fallen by 5.7 per cent so far this year, lagging the 3.6 per cent drop in the Stoxx Europe 600 Insurance Index.
According to Thomson Reuters StarMine, which weights analysts' forecasts according to their track record, Allianz trades at 7.5 times 12-month forward earnings, exactly in line with Axa.
Reuters