It may have recently lost its ranking as the world’s number one most valuable insurance brand, but that hasn’t stopped Allianz from reporting a largely welcome set of operating results.

The German insurance giant has seen both its total revenues and operating profits rise during the first quarter of 2017. Total revenues reached 36.2 billion euros, an increase of 2.5% compared to the same quarter in 2016 – while operating profit climbed from 2.7 billion euros to 2.9 billion euros, representing an increase of 9.4%. Its life and health insurance business also strengthened its margin to 3.1%; while in asset management, third party assets under management rose to 1,403 billion euros – up from 1,361 billion euros at the end of 2016.

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There were some negatives in its report, however – specifically a rise in its combined ratio to 95.6%, up from 93.3%, largely due to claims stemming from natural catastrophes and other large losses. Net income attributable to shareholders was 1.8 billion euros, which is 15.3% below the year-earlier figure, largely due to one-off gains one year ago from the sale of financial stakes.

“Our first quarter results were a good start into 2017 and our balance sheet remained strong,” said Oliver Bäte, Chief Executive Officer of Allianz SE. “Despite market volatility and low interest rates, we confirm our outlook and continue to expect an operating profit for the full year of 10.8 billion euros, plus or minus 500 million euros, barring unforeseen events, crises or natural catastrophes.”

Allianz will publish further details on business developments in the first quarter on May 12, 2017.