Following the Japan disaster and other natural disorders, the Insurer Allianz SE, a Munich based company, has faced a terrible earning this quarter. According to the reports, its first-quarter earnings are almost down by 45 percent.
 
As revealed by Allianz on Thursday, last year its net profit was estimated as €1.57 billion, whereas this financial year has ended up with a net profit of €857 million, which is equal to just $1.23 billion.
 
According to the reports of the company, its revenues have been down by 2.2 percent; from €30.6 billion it has fall down to €29.9 billion.
 
Allianz also revealed out that the recent natural disasters including flooding in Australia and earthquakes in Japan and New Zealand have cost around €737 million of expenses. However, last year also, such disasters occurred but it cost around €555 million in total.
 
The company is still continuing to track down its full-year operating profit target of €8 billion; which can anytime be plus or minus €500 million.
 
In this regard, Christian Muschick, a Frankfurt-based analyst with Silvia Quandt & Cie. AG, wrote in a note to clients today “The Company must report higher profits going forward to reach the target. This should be possible if the natural-catastrophe burden remains in normal boundaries”.