(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.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.