Allianz issues profit warning after Japanese quake

4th May 2011, Comments 0 comments

Germany's Allianz insurance group issued a profit warning on Wednesday in the wake of devastation caused by the Japanese earthquake, with income down 44 percent in the first quarter.

Net profits were "just over 900 million euros ($ 1.3 billion)" because of natural catastrophes and reduced earnings on financial markets, Allianz said.

Expenses from natural catastrophes in the first quarter of 2011 will amount to roughly 750 million euros, of which some 320 million euros have been earmarked for claims related to the March 11 earthquake and tsunami in Japan.

© 2011 AFP

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