Reuters: Financial Services and Real Estate: Allianz Q1 net profit jump beats expectations

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Allianz Q1 net profit jump beats expectations May 9th 2012, 06:52 FRANKFURT | Wed May 9, 2012 2:52am EDT FRANKFURT May 9 (Reuters) - Allianz, Europe's largest insurer, reported net profit rose nearly 60 percent to over 1.4 billion euros ($1.82 billion) in the first quarter, according to preliminary figures that beat analyst expectations. Europe's biggest insurer, releasing results ahead of their official publication on May 15, also said revenues exceeded 30 billion euros and operating profit was more than 2.3 billion euros in the first three months of the year. "All three business segments contributed to the good start into 2012, and we are on track to achieve our target for 2012," Allianz Chief Executive Michael Diekmann said in a statement on Wednesday ahead at the company's annual shareholder meeting. The average of six estimates in a Reuters poll of banks and brokerages was for quarterly net profit of 1.273 billion euros. Operating profit had been expected to come in at 1.98 billion euros. ($1 = 0.7695 euros) (Reporting by Jonathan Gould)

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