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Allianz Profit Down 45% as Disasters Weigh

BERLIN -- German insurer Allianz (AZ) said first-quarter earnings were down 45% as Japan's earthquake and other natural disasters weighed on results.

Allianz, based in Munich, on Thursday reported a net profit of €857 million ($1.23 billion), compared with €1.57 billion a year earlier.

The company said revenue fell 2.2% to €29.9 billion from €30.6 billion.

Allianz said costs from natural disasters totaled €737 million -- most of which stemmed from earthquakes in Japan and New Zealand and flooding in Australia. A year earlier, natural disaster expenses totaled €555 million.

The company said it is still on track for its full-year operating profit target of €8 billion, plus or minus €500 million.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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