FRANKFURT: German insurance giant Allianz said on Tuesday it was holding to its full-year targets even though profits rose in the first three months.
"We are well on our way toward achieving our operating profit outlook for the entire year," said chief executive Michael Diekmann in a short statement.
"Despite the good results in the first quarter, in view of the existing market risks, the management board sees no need for an adjustment of our outlook for fiscal year 2013," he said.
In the first three months, Allianz's total revenues rose by 6.6 percent to "around 32 billion euros($41.8 billion)".
Underlying or operating profit increased by 20 percent to about 2.8 billion euros.
Net income rose by 24 percent to about 1.7 billion euros.
"The improvement in our results comes from all of our business segments, so it is broad-based. Thus, the start into this fiscal year can be described as truly successful," Diekmann said.
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