FRANKFURT, Germany (AP) — German insurer Allianz SE said Friday net profit rose 27 percent in the second quarter, as its basic property insurance business improved and more funds flowed into its asset management division.
Net profit rose to 1.59 billion euros ($2.10 billion) from 1.25 billion on revenues that rose 6 percent to 26.8 billion euros.
Allianz said 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.
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