Allianz hit by €500m cat losses

Allianz has said its Q1 total revenues will hit more than €30bn, compared to €27.7bn in Q1 2009. Operating profit is expected to be approximately €1.7bn, compared to €1.4bn in 2009.

It said this was despite €500m of catastrophe losses. “Operating profit for the Property-Casualty segment will be below the previous year's level,” Allianz said.

“By contrast, the Life/Health and Asset Management segments were able to significantly improve their operating profit and, as in the previous year, overcompensate for declining results in the property and casualty business.”

Allianz will publish full details for the first quarter on May 12, 2010.