But Allianz isn't increasing its profit outlook, saying Wednesday that record low interest rates will hold back profits — while the low level of catastrophes could change.
Munich-based Allianz stayed with its forecast for 9.2 billion euros in earnings, plus or minus 500 million euros, saying "we forecast insurance profits will remain under pressure" from low yields and financial market volatility. Insurers must invest premium income in predictable investments such as bonds that are currently carrying low yields.
The company already reported on May 7 that net profit had increased 24 per cent to 1.7 billion euros ($2.2 billion). Revenues rose 6.6 per cent to 32.0 billion euros.