Allianz posts 2.1% fall in Q1 net profit but confirms 2025 target

FRANKFURT: Germany’s Allianz on Thursday posted a worse-than-expected 2.1% fall in first-quarter net profit but confirmed its target for the full year.

Net profit attributable to shareholders of 2.423 billion euros ($2.71 billion) in the three months through March compares with profit of 2.475 billion euros a year earlier. The figure fell short of a 2.702 billion euro consensus forecast.

A one-time tax provision for the sale of a venture in India pressured results, the company said.

For 2025, the company expects operating profit of between 15 billion euros and 17 billion euros, compared with 16.0 billion euros in 2024.