May 3, 2017 / 7:19 AM / in 7 months

Allianz confirms guidance after strong Q1

MUNICH, May 3 (Reuters) - The German insurance giant Allianz on Wednesday confirmed its guidance for 2017 as it reported robust key figures for the first quarter.

“Our first quarter results were a good start into 2017 and our balance sheet remained strong,” Chief Executive Oliver Baete said in a statement.

The group affirmed its forecast for 2017 operating profit of 10.8 billion euros ($11.8 billion), plus or minus 500 million euros, barring unforeseen events, crises or natural catastrophes.

First-quarter operating profit rose 9.4 percent to 2.9 billion euros, while revenue was 2.5 percent higher at 36.2 billion.

Net income attributable to shareholders was 1.8 billion euros in the quarter, down 15.3 percent from a year ago, which Allianz attributed largely to year-earlier one-off gains from the sale of financial stakes.

Allianz published the earnings ahead of its annual general meeting due to start later in the morning.

$1 = 0.9163 euros Reporting by Tom Sims; Editing by Maria Sheahan

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