By Joshua Kirby

Allianz's net profit rose in the second quarter, with strength in its property-and-casualty segment offsetting subdued performance in asset management.

Net profit for the quarter was 2.34 billion euros ($2.57 billion) compared with EUR1.98 billion for the same period last year, the German insurer said Thursday.

Operating profit grew 7.1% to 3.78 billion, thanks to good performance in the life-health and property-casualty businesses, the company said.

Analysts had expected a net profit of EUR2.27 billion and an operating profit of EUR3.615 billion, according to consensus estimates provided by the company ahead of the release.

Total business volume increased 5.9% to EUR39.6 billion.

The asset-management business booked a 2% fall in revenue, Allianz said. Third-party assets under management stood at EUR1.66 trillion as of June 30, down by EUR6 billion from the prior quarter. Total net outflows for the quarter came to EUR5.9 billion.

Allianz reaffirmed its target of reaching an operating profit of EUR14.2 billion for 2023, plus or minus EUR1 billion.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

August 10, 2023 01:36 ET (05:36 GMT)

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