03:22 AM EDT, 05/13/2026 (MT Newswires) -- Allianz (ALV.F) said Wednesday it is on course to reach its 2026 operating profit target after strong progress in the group's property-casualty and asset management divisions led to a record first-quarter operating result.

In what Chief Financial Officer Claire-Marie Coste-Lepoutre described as a "demanding"operating environment, operating profit for the three months ended March 31 jumped 6.6% year over year to a record 4.52 billion euros, beating the mean company-compiled consensus estimate by 4%.

Meanwhile, net income attributable to shareholders of the German insurer and asset manager zoomed up to 3.69 billion euros from 2.42 billion euros, 1% ahead of expectations. EPS moved to 9.56 euros from 6.27 euros.

At the same time, total business volume declined to 53 billion euros from 54 billion euros. Excluding the effects of foreign-currency translation as well as acquisitions and divestments, internal growth in total business volume was 3.5%, led by the property-casualty segment.

Across the group, the property-casualty insurance division recorded the highest-ever quarterly operating profit at 2.41 billion euros, thanks to a higher insurance service result. Operating profit from asset management climbed 5.8% to 857 million euros, with record first-quarter net inflows of 45.2 billion euros.

Life/health insurance operating profit dropped 5.1% to 1.35 billion euros amid a volatile environment. Adjusted for foreign currency translation effects as well as the sale of the stakes in Allianz's Indian joint ventures and in UniCredit Allianz Vita, the segment operating profit edged up 3%.

With first-quarter operating profit at 26% of the full-year outlook midpoint, Allianz confirmed its guidance for 2026 operating profit in the range of 16.4 billion euros to 18.4 billion euros.

The stock gained more than 1% in early morning trade.