Allianz delivered a 6.6% increase in profit to €4.5 billion ($7.27 billion) in the first quarter, driven by strong results in property and casualty and its asset management division.

The group’s revenue dropped to €53 billion ($85.6 billion) from €54 billion ($87 billion) a year earlier.

The P&C division reported a record first-quarter profit of €2.4 billion ($3.9 billion), up 11%, and its combined operating ratio improved to 91% from 91.8%. Allianz has forecast a full-year combined operating ratio of 92%-93%.

Profit from the life and health division fell 5% to €1.3 billion ($2.1 billion), and Allianz says the business was resilient in a volatile environment.

The insurer has forecast an operating profit of about €17.4 billion ($28 billion) for the full year.