German insurance and financial services company Allianz on Thursday reported income before taxes of €3.555 billion ($3.99 billion) for the first quarter, higher than €3.493 billion in the same quarter a year ago, reflecting growth across all segments.
Excluding one-time items, core income before taxes rose to €3.713 billion from €3.414 billion last year. Operating profit increased to €4.238 billion from €3.986 billion in the prior year.
Net income, however, declined to €2.423 billion or €6.27 per share from €2.475 billion or €6.31 per share a year ago, primarily impacted by an increase in taxes. Core net income was €2.550 billion or €6.60 per share, up from €2.513 billion or €6.41 per share last year.
Total business volume grew 11.7% to €54.014 billion from €48.410 billion in the previous year. Looking ahead, the company has confirmed its full-year operating profit outlook of €16 billion, plus or minus €1 billion.