(Bloomberg) -- Allianz SE, Europe’s biggest insurer, said second-quarter profit rose 15 percent as lower claims from natural catastrophes offset a drop in earnings at Pacific Investment Management Co.
Net income increased to 2.02 billion euros ($2.2 billion) from 1.76 billion euros a year earlier, the Munich-based company said Friday. That compared with an average estimate of 1.79 billion euros of 10 analysts surveyed by Bloomberg.
Insurers have benefited from a decline in natural catastrophes in the second quarter, as pressure on prices and low interest rates held back revenue. The lower catastrophe claims helped second-quarter profit at Allianz’s property and casualty division increase 39 percent to 1.34 billion euros.
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