Allianz SE (OTCPK:ALIZF) Q1 2022 Earnings Conference Call May 12, 2022 8:30 AM ET
Company Participants
Oliver Schmidt - Head, IR
Giulio Terzariol - CFO
Conference Call Participants
Peter Eliot - Kepler Cheuvreux
Will Hardcastle - UBS
William Hawkins - KBW
Michael Huttner - Berenberg
Andrew Ritchie - Autonomous
Thomas Fossard - HSBC
Vinit Malhotra - Mediobanca
Vikram Gandhi - Societe Generale
Oliver Schmidt
Good afternoon, everybody and welcome to the Allianz Conference Call on the Financial Results of the First Quarter 2022. Before we start the call, let me remind you that this conference call is being streamed live on allianz.com and YouTube and that a recording will be made available shortly after the call. [Operator Instructions]
All right. That was all from my side for now. And with that, I turn the call over to our CFO, Giulio Terzariol.
Giulio Terzariol
Thank you, Oliver. Good afternoon to everybody and please as usual to briefly present to you the results for the first quarter 2022 and after that I'm going to take your questions. If we move to Page 3, the underlying performance in the quarter was a solid, underlying performance with good growth in revenue, especially what is nice to see it is that the growth in revenue is driven by the Property-Casualty segment with an internal growth of 6.6%.
When we look at the operating profit, the operating profit is slightly reduced compared to the level of last year. This is driven by the Property-Casualty segments, where we had also a higher amount of natural catastrophes compared to what we had last year. This has been partially compensated by higher run but in total, we had a lower operating profit for the quarter.
On the life side, we see a stable operating profit which is definitely a good
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