(Bloomberg) – As Allianz SE Chief Executive Officer Oliver Baete slims down the insurer to cut costs, rising second-quarter profit helped by lower natural disaster-claims rewarded his strategy.

Operating profit jumped 23% to 2.9 billion euros ($3.4 billion), Europe's largest insurer said in a  statement on Wednesday. The company expects full-year profit near the upper end of its range of 10.3 billion euros to 11.3 billion euros, it said.

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