Germany's Allianz has today posted a 52% rise in first-quarter net profit, in line with expectations and lifted by the sale of stakes in joint ventures in India.
The insurance company said it saw strength in its property and casualty division and at its asset management businesses, and confirmed that it was on track to meet its full-year target.
Net profit attributable to shareholders of €3.690 billion in the three months to March compares with profit of €2.423 billion a year earlier. Analysts had expected a €3.654 billion profit, according to a consensus forecast.
Revenues at its life and health division, meanwhile, declined 9.6%, in part due to a weaker dollar and the exit of a joint venture with Italy's UniCredit.
Allianz had announced last year that it was selling its stake in the joint ventures with India's Bajaj Finserv to the Bajaj Group, ending a decades-old partnership.
In January, it said it would book a €1.1 billion gain from the transaction.
Allianz has since formed an equally-owned reinsurance joint venture in India with Reliance Group-owned Jio Financial Services.
