Allianz Group showed a robust performance in a continuing challenging market environment during the first quarter of 2009. Total quarterly revenues increased to 27.7 billion euros, from 27.0 billion euros in the first quarter of 2008. Operating profit of 1.4 billion euros was down by 0.8 billion euros compared to the first quarter of 2008, but up by 0.5 billion euros compared to fourth quarter 2008. All three business segments contributed positive operating results.
Following the sale of Dresdner Bank, Allianz’s Asset Management, Alternative Investment Management, and continued Banking operations are now reported in the new Financial Services segment.
Total net income for the first quarter of 2009 was 29 million euros, compared to 1.15 billion euros in the first quarter of 2008. Net income from continued operations stood at 0.4 billion euros, including non-operating items of minus 1.0 billion euros. The net loss from discontinued operations amounted to 0.4 billion euros, reflecting the previously announced final impact from the sale of Dresdner Bank.
Allianz Group's capital position remains strong, with a solvency ratio of 159 percent at March 31, 2009. Shareholders' equity was at 33.0 billion euros as of March 31, 2009, and came in only slightly below the year-end 2008 figure of 33.7 billion euros.
"Allianz continues to cope successfully with the impact of the ongoing financial markets crisis on our business. We are strongly capitalized, our investment portfolio is of high quality and liquid, and our operating profitability proves resilient," said Helmut Perlet, CFO of Allianz SE.