ALIZF Allianz Ag Muenchen Namen (PK)

By Adam Clark

Allianz SE (ALV.XE) said Friday that it remains on track to meet its full-year profit target, as asset management growth more than offset a decline in its life-and-health insurance business in the second quarter.

The German insurer said its quarterly operating profit rose 2.3% to 3.0 billion euros ($3.48 billion) from the year-earlier quarter, leaving its interim profit slightly above the midpoint of its full-year target.

Net profit fell 5.2% to EUR1.9 billion, hit by the previously announced sale of a life portfolio in Taiwan.

In the asset-management division, which includes U.S. fund manager Pacific Investment Management Co., operating profit rose 12% to EUR652 million.

Allianz said Pimco increased its average third-party assets under management and margins. Across the unit, third-party AuM rose 2.5% to EUR1.46 trillion from the prior quarter, boosted by foreign exchange effects despite net outflows.

In life-and-health insurance, operating profit fell 4.6% to EUR1.08 billion due to a lower investment margin in Spain and Germany. Property-and-casualty insurance profit was stable at EUR1.46 billion.

Total revenue rose 2.9% to EUR30.9 billion, and Allianz said internal revenue growth, which adjusts for currency and consolidation effects, amounted to 6.5%.

Allianz's Solvency II ratio, a key measure of balance sheet strength, stood at 230% at the end of the quarter.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

August 03, 2018 01:42 ET (05:42 GMT)

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