Allianz performs well
- Published: 03/08/2007
Allianz has beaten forecasts as it continued to perform well in the second quarter.
Europe's largest insurer managed to make impressive gains in its life and health insurance businesses, with earning in health up 44 per cent to €758 million.
Overall profits increased by 17.7 per cent to €3.3 billion.
Profits from property and casualty insurance also went up by close to three per cent, rising to €1.9 billion.
Banking profits also increased, up 70 per cent to €448 million - and its asset management division also performed well, recording a nine per cent increase in earnings to €325 million over the second quarter.
The company said that it had made strong gains in the French and Italian health and life insurance markets. It added that its earnings from property and casualty insurance had not been affected by flooding and heavy rainfall in the UK.
This in sharp contrast to other insurers such as Norwich Union, which today announced that household premiums would be increasing by ten per cent - more than three times higher than the rate of inflation - in response to recent flooding.
Europe's largest insurer managed to make impressive gains in its life and health insurance businesses, with earning in health up 44 per cent to €758 million.
Overall profits increased by 17.7 per cent to €3.3 billion.
Profits from property and casualty insurance also went up by close to three per cent, rising to €1.9 billion.
Banking profits also increased, up 70 per cent to €448 million - and its asset management division also performed well, recording a nine per cent increase in earnings to €325 million over the second quarter.
The company said that it had made strong gains in the French and Italian health and life insurance markets. It added that its earnings from property and casualty insurance had not been affected by flooding and heavy rainfall in the UK.
This in sharp contrast to other insurers such as Norwich Union, which today announced that household premiums would be increasing by ten per cent - more than three times higher than the rate of inflation - in response to recent flooding.