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Allianz says profits up in Q2

Allianz, Europe's biggest insurer, said Friday (Aug 8) that it is sticking to its full-year targets after a strong performance in the second quarter.

FRANKFURT: Allianz, Europe's biggest insurer, said Friday (Aug 8) that it is sticking to its full-year targets after a strong performance in the second quarter.

Allianz said in a statement that its net profit rose by 10.5 per cent to 1.76 billion euros (US$2.4 billion, S$2.94 billion) in the period from April to June, beating analysts' expectations. Underlying or operating profit was up 17.1 per cent at 2.77 billion euros while revenues climbed 10 per cent to 29.46 billion euros, the statement said.

Taking the six months to June, Allianz said that revenues reached a new record for a first-half, rising by 7.8 per cent to 63.42 billion euros. And bottom-line net profit was up 3.0 per cent at 3.4 billion euros in the first six months.

"In view of these good half-year results, we're maintaining our outlook" for the full year, said chief executive Michael Diekmann. Operating profit was projected to come out at 10 billion euros, plus or minus 500 million euros. "But we expect the upper end of the target range to be in reach," Diekmann said, adding that "as always, this forecast is under the caveat that natural catastrophes and capital market turbulence do not exceed expected levels."

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