OREANDA-NEWS. May 21, 2012. Allianz has had a successful start in 2012: Revenues, operating profit and net income for the first quarter were above first-quarter 2011 levels. Allianz Group also further improved its already strong capital base.

In the first quarter of 2012, Allianz Group earned 30.1 billion euros in revenues, the second-highest level in its history. In the same period the year before, total revenues reached 29.9 billion euros.

Operating profit of 2.3 billion euros was 40.4 percent higher than the previous year's value of 1.7 billion euros. Property and Casualty insurance showed a substantial improvement in operating profit due to a lower impact from natural catastrophes; Life and Health insurance as well as Asset Management also produced significant increases.

Net income for the first quarter of 2012 rose 57.9 percent to 1.4 billion euros from 0.9 billion euros in the first quarter of 2011 which was impacted especially by high claims from natural catastrophes.

The conglomerate solvency ratio further improved to 183 percent from 179 percent as of December 31, 2011. Shareholders' equity grew over the same period by 7.4 percent to 48.245 billion euros from 44.915 billion euros.

"Allianz has put in a very good performance this quarter, following 2011 that was tough for the entire insurance industry," said Oliver Bate, Chief Financial Officer of Allianz SE. "Despite the ongoing sovereign debt crisis, volatile markets and low interest rates, we continue to expect an operating profit for 2012 of 8.2 billion euros, plus or minus 0.5 billion euros."