By Olivia Bugault

Allianz SE said Wednesday that revenue edged down in its first quarter while profit jumped helped by a strong growth at its property and casualty and its life-health businesses.

The German insurer reported net profit of 2.57 billion euros ($3.12 billion), up from EUR1.40 billion during the first quarter of 2020, and operating profit grew 45% to EUR3.34 billion, it said.

"In our property-casualty business segment, operating profit grew strongly due to a higher underwriting result driven by a normalization of claims from natural catastrophes and lower attritional losses--the latter suffered high Covid-19-related losses in the first quarter of 2020," it said. Operating profit grew 48% at its life-health segment.

Revenue fell to EUR41.4 billion from EUR42.6 billion.

Its solvency II ratio, a key measure of balance-sheet strength, stood at 210% at the end of March, up from 207% at the end of 2020.

Allianz confirmed its 2021 operating profit target of EUR12 billion, plus or minus EUR1 billion.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

May 12, 2021 01:36 ET (05:36 GMT)

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