Insurer Allianz posts quarterly profit of 1.7 billion euros

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The German insurance giant Allianz said on Wednesday that its first-quarter operating profit gained 21 percent from the same period a year earlier to 1.7 billion euros (2.2 billion dollars).

The increase came from stronger life and health insurance sales along with profitable asset management activities, a statement said.

Allianz' operating profit suffered however from "more than 500 million euros" in charges stemming from natural disasters in the first three months of the year.

Overall sales edged higher to 30 billion euros, from 27.7 billion, the statement said.

Allianz held its general assembly on Wednesday in Munich, southern Germany, and is to release detailed results on May 12.

© 2010 AFP

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