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 This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

Bill Gross Must Have Warren Buffett Envy - Outrage

Bill Gross Must Have Warren Buffett Envy - Outrage

Drawing Down Assets Is a Tough Balancing Act

Drawing Down Assets Is a Tough Balancing Act

Insurer Allianz Posts 7.4% Profit Drop

Insurer Allianz Posts 7.4% Profit Drop

5 Retirement Mistakes that Will Haunt You

5 Retirement Mistakes that Will Haunt You

Cramer's 'Mad Money' Recap: Opportunity Knocks (Final)

Cramer's 'Mad Money' Recap: Opportunity Knocks (Final)