Allianz says its Q2 profits rose on the back of an improvement in its property insurance. Source: AAP
GERMAN insurer Allianz says net profit rose 27 per cent in the second quarter, as one-time expenses fell and its basic property insurance business improved.
Net profit rose to 1.58 billion euros ($A2.35 billion) on revenues that rose 6 per cent to 26.8 billion euros.
Allianz said on Friday it overcame 330 million euros in net losses for claims paid to victims of the June flooding in central Europe. It also had to weather very low interest rates that reduced returns on invested premium money.
Its property insurance business benefited from higher premiums in Australia, France, Germany and the US.
Earnings from its asset management business rose 39.8 per cent thanks to higher fee and commission income as money under management increased 6.6 per cent.
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