FRANKFURT, Germany (AP) — Low losses from natural disasters and higher prices in the key markets of Germany, Turkey and Latin America lifted profits at German insurance company Allianz SE during the first quarter.

But Allianz did not increase its profit outlook for the rest of the year, saying Wednesday that record low interest rates will hold back profits. It also warned that the current low number of natural catastrophes could also change.

Munich-based Allianz maintained its forecast for 9.2 billion euros ($11.9 billion) in earnings, plus or minus 500 million euros. Last year it made 9.5 billion euros.

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