At Allianz’s P&C insurance unit, spending on claims and other costs as a percentage of premiums, known as the combined ratio, worsened to 95.6 percent from 93.3 percent a year earlier due to higher disaster claims. (AP Photo)

Allianz SE is sticking with its full-year profit target as improving returns offset a jump in losses from natural catastrophes.

The insurer reiterated an operating profit target of 10.3 billion euros to 11.3 billion euros for this year in a statement on Wednesday. Operating profit rose 9.4 percent to 2.9 billion euros. Net income dropped 15.3 percent to 1.8 billion euros ($2 billion) from 2.1 billion euros a year earlier, as gains from the sale of financial stakes weren’t repeated.

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