German insurance company Allianz SE natural disasters and the price of the key markets of Germany, Turkey and Latin America, to ban profit in the first quarter in the low loss.
Allianz did not increase its earnings outlook for the rest of the year, said on Wednesday that record low interest rates will hold back profits. Benign background disaster may be subject to change, it warned.
Headquartered in Munich, the Allianz Group to maintain its forecast for earnings of 9.2 billion euros (11.9 billion dollars), plus or minus 500 million euros. Last year, 9.5 billion euros.
Allianz said: "The profits of the insurance will remain under pressure from the low rate of return and the volatility of financial markets. Insurance companies must invest in the foreseeable investments, such as bonds, ongoing low yield premium income. The production is mainly due to the central bank cut interest rates to stimulate the crumbling economy part of their efforts.
Last week, the company reported during the period, its net profit increased by 24%, to 17 billion euros (about 220 million U.S. dollars). Revenue rose 6.6 percent to 3.2 billion euros.
More detailed figures for the Wednesday, said the ? 70 million net loss from natural disasters has increased only slightly from last year's low of 42 million euros. At the same time, prices boost the company's property and casualty insurance business, gross premiums of 2.7%. The strong growth of the auto insurance in Turkey and Brazil also boosted income.
The company increased the key measures of profitability of the insurance industry, and its combined ratio decreased by 1.9 percentage points to 94.3. The combined proportion of costs and claims expenses divided by premiums, which means that 100% of the basic underwriting business is profitable.
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