ALIZF Allianz Ag Muenchen Namen (PK)

   By Pietro Lombardi 
 

Allianz SE (ALV.XE) said Tuesday its net profit rose, supported by lower restructuring charges and tax rate, and a higher non-operating investment result.

The German insurer reporter a net profit of 1.94 billion euros ($2.32 billion) compared with EUR1.82 billion a year earlier.

The result is mainly due to a higher non-operating investment result, a decrease in restructuring charges and a lower effective tax rate, the company said.

Revenue notched up to EUR36.5 billion from EUR36.2 billion, as revenue from its property and casualty, as well as life and health operations, increased slightly.

The first-quarter performance "puts Allianz on track to meet its 2018 yearly targets," said Chief Executive Oliver Baete.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

May 15, 2018 01:33 ET (05:33 GMT)

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