German insurer Allianz says it will reach its full-year targets after posting an 11-percent rise in bottom-line profit in the first quarter of the year. Oliver Bäte is set to take over as CEO from Michael Diekmann.
Europe's biggest insurer Allianz has posted a 5-percent rise in operating profit, which came in at just under 2.9 bilion euros ($3.22 billion) for the first quarter, despite the recent Germanwings crash in France and storm Niklas that swept across Germany in March. Net income also rose by 11 percent to 1.8 billion euros.
"We remain confident in achieving our full-year operating profit target of 10.4 billion euros, plus or minus 400 million euros," Allianz Chief Executive Michael Diekmann said in a statement.
At Wednesday's AGM, Diekmann is to hand over the reins to Oliver Bäte after 12 years as chief executive. Bäte, who hails from near Cologne, is currently head of Controlling at Allianz.
He studied economics in Cologne before working for consultants McKinsey, where he specialized in the insurance business.
ng/hg (Reuters, dpa)