Allianz profits up as property insurance improves

Associated Press + More

FRANKFURT, Germany (AP) — German insurer Allianz SE says net profit rose 27 percent in the second quarter, as one-time expenses fell and its basic property insurance business improved.

Net profit rose to 1.58 billion euros ($2.10 billion) on revenues that rose 6 percent to 26.8 billion euros.

Allianz said 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 U.S. Earnings from its asset management business rose 39.8 percent thanks to higher fee and commission income as money under management increased 6.6 percent.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.