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German insurance giant Allianz says likely to meet targets after strong Q1

FRANKFURT--German insurance giant Allianz said Wednesday it is “on track” to meeting its full-year targets after a strong first quarter.

“The first quarter came in strong like last year,” said chief executive Michael Diekmann. Both the group's property/casualty and life/health insurance divisions exceeded their quarterly share of our full-year outlook, “and asset management was in line with target,” Diekmann said.

“We are on track to achieve our operating profit outlook for the full year of 10.0 billion euros (US$13.9 billion), plus or minus 500 million euros.”

In the period from January to March total revenues amounted to around 34 billion euros, “the highest quarterly revenues in the company's history,” Allianz said.

A year earlier, first-quarter total revenues had amounted to 32.0 billion euros.

Net profit, on the other hand, fell by 4.1 percent to 1.64 billion euros and operating profit was down 2.9 percent at 2.72 billion euros.

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