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Allianz said that its earnings rose 9.4 per cent in the first three months of the year, as the German insurer’s annual shareholder meeting got under way in Munich.

In the three months to the end of March, Allianz said that its operating profits came in at €2.9bn, up from €2.7bn in the same period a year earlier. Revenues rose 2 per cent to €36.2bn.

Allianz said that the increase in net profit was largely due to the sale of financial stakes, but nonetheless, Oliver Bäte, chief executive, said that the results represented a “good start” to the year.

“Our balance sheet remained strong,” he said. “Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of €10.8bn, plus or minus €500m, barring unforeseen events, crises or natural catastrophes.”

Analysts at RBC said that although there was little detail in the numbers Allianz published on Wednesday, “the key indicators show that the underlying business is delivering”. Shares were up 0.5 per cent at €176.95 in early morning trading in Frankfurt.

Allianz is due to provide full details of its first quarter results on May 12.

At its annual shareholder meeting today, the German insurer is set to make a number of changes to its supervisory board. Chairman Helmut Perlet is not standing for re-election on age grounds and is set to be replaced by Michael Diekmann, who stepped down as Allianz’s chief executive in May 2015.

(This article has been amended to correct the earnings figures.)

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