reportednet incomeattributable to shareholders of €2.19 billion in the first quarter, compared to€1.82 billion a year ago.
EPSrose year over year to €4.70 from €4.00. Allianz attributed the increase inpart to nonoperating realized gains, which totaled €278 million in the quarter,compared to a year-ago loss of €61 million, and came on the back of higherrealizations, mainly on equity investments, as well as a positive contributionfrom hedging-related activities.
Theoperating profit for the quarter was €2.76 billion, down 3.5% from a year ago.Operating profit at the property and casualty unit rose 12.0% to €1.44 billionbut dropped 16.0% on a yearly basis at the life and health division to €927million, predominantly due to a lower investment margin in the German lifebusiness, lower unit-linked performance fees in Italy and by partial lossrecognition in Korea.
Allianzconfirmed its operating profit outlook for 2016 of €10.5 billion, plus or minus€500 million.
Netpremiums earned amounted to €17.41 billion, down from €18.27 billion in thefirst quarter of 2015. Net claims and insurance benefits incurred reached€12.48 billion in the first quarter, compared to €12.80 billion in the year-agoperiod. Restructuring charges dropped to €5 million from €90 million a yearago.
Third-partyAUM declined 2.6% from the end of 2015 to €1.242 trillion, mainly driven bynegative foreign-currency translation effects.
Allianz'sannualized ROE reached 15.7% in the first quarter.
TheSolvency II ratio totaled 186% as of March 31, compared to 200% at the end of2015.