Banking and insurance titan Allianz saw net income for the first quarter rise by more than a third to E1.8 billion on the back of a positive performance from Dresdner Bank.
<p>In life and health insurance total premium income increased by 7.9% to E12.8 billion. Growth markets in Eastern Europe and Asia showed particularly dynamic expansion. <br /><br />Meanwhile, the firm stated that Dresdner Bank increased its revenues by 16.1% to approximately E1.9 billion. The main drivers of this were net fee and commission income as well as net trading income. <br /><br />Operating profit of E529 million in fact more than doubled. This figure includes a net release of loan loss provisions of E33 million- due to a positive economic environment but also proof of the good quality of the loan portfolio. <br /><br />The asset management segment of Allianz had E753 billion in third party assets under management as of March 31, 2006, increasing from E624 billion in the previous year's quarter. Net asset inflows remained at a high level of E14 billion. <br /><br />Operating profit rose by 31.6% to E304 million. At 59.5% the cost income ratio stayed almost unchanged at previous year's level, Allianz added.</p>