Allianz has reported total business volumes of approximately £40.1bn for Q1 2023, up 3.9% on the same period last year. It said operating profit was up by 24.2% to £3.2bn and noted strong performances in both its property and casualty, and life and health divisions.

Giulio Terzariol, chief financial officer of Allianz SE, said: “Allianz’s first quarter results demonstrated strong performance and proven resilience across all segments. With the first-time application of IFRS 9 and 17, we delivered our results with even more clarity and transparency and proved our ability to create value.

“Our Property/Casualty business showed excellent internal growth, driven by healthy pricing that contributed to offset the impact of inflation. The significant increase in operating profit is due to our strict underwriting discipline and focus on productivity gains.

“Value creation in our Life/Health business is strong. Our profitability is well supported by the solidity of our in-force business as well as the robustness of new business value.”

Terzariol confirmed a full-year outlook for an operating profit of £12.4bn with a margin of £870m.

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