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Life and Dresdner arms bolster Allianz’s first quarter

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&#0039;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&#0039;s level, Allianz added.</p>