Allianz, Europe’s biggest insurance group by market capitalisation, revealed a sharp drop in operating profits but reassured investors that it would not need them – or the government – to shore up the company with fresh capital.

Operating profits fell 41 per cent in the first quarter to about €1.3bn ($1.7bn), compared with the same period in 2008, the company said at its annual meeting. Revenues in the quarter rose slightly from €27bn in 2008 to €27.7bn now.