Germany's Allianz on Friday posted a big rise in first-quarter net profit, rebounding after taking charges a year ago for a U.S. funds scandal.
The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photoon Friday posted a big rise in first-quarter net profit, rebounding after taking charges a year ago for a U.S. funds scandal.
The quarterly jump in profit of 329% fell short of analyst expectations, however, and was damped in part by weakness in Allianz's asset management division, which saw lower revenues and operating profit. For the group as a whole, net profit attributable to shareholders was 2.032 billion euros in the three months through March, compared with 474 million euros a year earlier. The figure fell short of a 2.327 billion euro consensus forecast.
The boost in profit - most pronounced in its property and casualty division - marked a return to business as usual for Allianz, which has been trying to restore its reputation after one of its
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