German financial services group Allianz on Wednesday reported higher first-quarter net income despite weaker business volume, with gains in property insurance offsetting lower results in its life and health insurance segment.
Looking ahead for fiscal 2026, Allianz said it is on track to achieve its operating profit outlook of €17.4 billion ($20.4 billion), plus or minus €1 billion.
In the first quarter, net income attributable to shareholders climbed 52.3% to €3.69 billion from last year's €2.42 billion. Shareholders' core net income was €3.79 billion, up 48.4% from €2.55 billion a year ago.
Adjusted for the effects of the sale of the stakes in Indian Joint Ventures and offsetting measures, shareholders' core net income advanced 7% and core earnings per share grew 9%.
Operating profit increased 6.6% year-over-year to €4.52 billion, reflecting a strong development of Property-Casualty and Asset Management segments.
The Life/Health insurance segment, Allianz's retirement and medical insurance arm, experienced lower results with operating profit dropping 5.1% to €1.35 billion.
Total business volume, meanwhile, dropped 1.8% to €53 billion from €54 billion a year ago.
