FRANKFURT, Germany (AP) — Insurance company Allianz SE says its profits rose 58 percent in the first quarter compared to a year ago, when it had big payouts for natural disasters including the tsunami in Japan.
Net earnings rose to €1.4 billion ($1.8 billion) from €0.9 billion a year ago.
The first quarter of 2011 was marked by a several expensive disasters that weighed on profits across the insurance industry for that quarter. Aside from the tsunami that killed almost 20,000 people in Japan, Australia was hit by a cyclone and an earthquake struck Christchuch, New Zealand.
Revenues rose slightly to €30.1 billion from €29.9 billion a year ago.
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