Insurer Allianz Q1 Profits Up 50 Percent

Insurance company Allianz SE says net profits shot up more than 50 percent to (euro) 1.4 billion in the first quarter compared to a year ago as claims from natural disasters fell.

Earnings a year ago were (euro) 915 million, when the company reported (euro) 737 million in payouts for the insured damage from the earthquake and tsunami in Japan, a cyclone in Australia and the earthquake that devastated Christchurch, New Zealand.

It said Wednesday that revenue was over (euro) 30 billion compared to (euro) 29.9 billion a year ago. CEO Michael Diekmann affirmed the company’s earnings forecast for the year.

The company will release more detailed earnings on May 15.