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Allianz with positive report

The high costs due to natural disasters have failed to throw Europe's largest insurer Allianz on the road to profits. Operating profit for the first quarter was the amount of 1.7 billion - as during the same period last year. Asked by Dow Jones Newswires analysts expected profit of 1.63 billion EUR. The listed in the stock exchange of Frankfurt concern had to spend on compensation as a result of natural catastrophes with almost 200 million more than during the same period of 2010 and has managed to sell less of its shares. In the first quarter of 2010, namely the sale of shares of Chinese bank ICBC has brought additional 522 million in cash desks of the insurer said. The overall costs following natural disasters were of around 750 million EUR. Of these, 320 million EUR pertaining to the devastating earthquake in Japan and the ensuing tsunami. In general, the concern for such expenses paid annually around 900 million EUR. The cost for flooding in metropolitan Brisbane and Australian cyclone Iasi, which swept Cairns, Townsville and Mackay in the Australian state of Queensland, and part of the Great Barrier Reef were assessed last week by the Chief Executive Michael Diekmann of about 300 million EUR.
These two natural disasters affected primarily large financial Munchener Ruck and reinsurers Swiss Re. Between January and March, they reported heavy losses. Details about their financial results are expected in the coming days, says Die Welt. According to Diekmann, despite these higher costs Allianz will meet the set target of annual operating profit of 8 billion EUR . The board, however, is insured with a cushion of 500 million EUR in both directions. In 2010, Allianz managed to increase its operating profit by 17% to 8.24 billion EUR - the third in the history of the Group's best result.