FRANKFURT (Reuters) – Allianz's operating profit grew more strongly than expected in the second quarter, with a strong performance in property and casualty insurance and asset management overcoming weakness in life insurance.
A 5.2 percent rise in quarterly operating profit to 2.4 billion euros ($529 million) surpassed the average forecast of 2.3 billion in a Reuters poll, enabling Europe's biggest insurer to confirm a full-year target of 9.2 billion euros, plus or minus 500 million.
"Based on our current projections we see the figure more toward the upper end of this range," Chief Executive Michael Diekmann said in a statement, adding the standard caveat that the projection stood as long as natural catastrophes and capital market turbulence did not exceed expected levels.
Operating profit in property and casualty insurance also surpassed analysts' expectations, despite a net hit of 330 million euros from flooding in central Europe in June, which Allianz trimmed from an estimated 350 million previously.
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