Munich - Europe's biggest insurer Allianz AG reported Wednesday a more-than-40-per-cent fall in first-quarter earnings amid the deepening global economic crisis and a string of natural disasters. Releasing the figures at its annual shareholders' meeting, Munich-based Allianz said it booked a first-quarter operating profit of 1.3 billion euros (1.7 billion dollars) compared to 2.2 billon euros in the same period last year.
This followed devastating bush fires in Australia and winter storms in Europe. However, the group said revenue rose from 27.0 billion euros to 27.7 billion euros.
Speaking at the shareholders' meeting, Allianz chief Michael Diekmann said the group had decided against issuing a business forecast for the full year.
"Our whole economic system is changing and I would not like to promise something I cannot keep," Diekmann said.
Allianz also incurred charges of about 400 million euros resulting from the sale of its banking offshoot Dresdner Bank to Commerzbank in January.
