Germany's Allianz has today posted a big rise in first-quarter net profit, rebounding after taking charges a year ago for a US funds scandal.
The quarterly jump in profit fell short of analyst expectations, however, and was damped in part by weakness in Allianz's asset management division, which saw lower revenues and operating profit.
For the group as a whole, net profit attributable to shareholders was €2.032 billion in the three months to the end of March, compared with €474m a year earlier.
The figure fell short of a €2.327 billion consensus forecast.
The boost in profit - most pronounced in its property and casualty division - marked a return to business as usual for Allianz.
It has been trying to restore its reputation after one of its funds units, Allianz Global Investors, was dogged with a fraud case in the US that resulted in $6 billion in settlements and fines last year.
"We can be proud of our operating profit and bottom line," Allianz chief executive Oliver Baete said.
