Allianz 1Q Net Profit Falls 98 Percent

Allianz said first quarter property and casualty insurance gross written premiums increased 1.5 percent to euro13.9 billion from euro13.7 billion in the first quarter of 2008. Operating profit fell to euro1 billion from euro1.5 billion the year before.

The property and casualty combined ratio increased to 98.5 percent, compared to 94.8 percent in first quarter 2008. Combined ratio reflects the level of claims paid out and costs versus premiums paid in; a level under 100 indicates an underwriting business is profitable.

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