Allianz net profits climb by a fifth

Global insurer Allianz has pre-announced first quarter net
income of EUR2.2bn, a 20.5 percent increase on its prior-year
result.
Allianz typically pre-announces its results if they are
substantially ahead of analysts' expectations.
Operating profits narrowed by 3.5 percent to EUR2.8bn, the
global insurer said yesterday (2 May).
Citi analyst Farooq Hanif attributed the outperformance to
significantly higher than expected realised gains on
investments.
The combined ratio in Allianz's P&C insur