By Elena Vardon


Allianz confirmed its 2024 guidance after growth across all of its segments over the first quarter boosted its net profit by 22%.

Europe's largest insurer made a net profit of 2.475 billion euros ($2.68 billion) compared with EUR2.16 billion in the year-earlier period, it said Wednesday.

Operating profit increased 6.8% on-year to EUR3.99 billion, driven by a stronger result in its property-casualty segment. Analysts expected an operating profit of EUR3.89 billion, according to a company-compiled consensus.

Total business volume rose to EUR48.4 billion from EUR46.0 billion on higher property-casualty prices, favorable sales momentum in the U.S. and Italy at its life-health segment and higher asset-under-management and performance fees.

The German insurer's asset-management division--which houses Pimco--recorded net inflows of EUR34.2 billion in the quarter. This lifted its third-party assets under management by EUR71 billion during the quarter on positive currency translation and market effect to reach EUR1.784 trillion at March 31. Consensus had penciled in EUR31 billion in inflows and EUR1.757 trillion in third-party assets at the end of the quarter.

The company confirmed its operating profit target of EUR14.8 billion for 2024, plus or minus EUR1 billion.


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

05-15-24 0155ET