Fewer natural disasters and hiked premiums helped global insurer Allianz’s profits surge higher in the first three months of 2023.
“Healthy pricing” in its property-casualty business offset the impact of inflation, said the German group, and added that lower costs and better underwriting results sent profits in the division soaring to 23% to €1.9bn.
Operating profits overall surged 24% to €3.7bn with a profits target for the full year of €14.2bn reiterated.
Volumes rose by 3.9% to €46bn, with the booming property-casualty arm offsetting lower life/health premiums and a drop in fund management income as assets fell.
Oliver Bäte, chief executive, said: “We once again benefited from our diversified business mix and delivered particularly strong performance in the property-casualty segment, driven by robust pricing, continued underwriting discipline and focus on further productivity gains."
Earlier in the week, Allianz announced a new €1.5bn share buyback programme.