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.