Allianz profits jump 15% in Q2

Insurer Allianz posted a strong set of results for the second quarter of 2015, as it benefited from a jump in profits and solid growth in its property and casualty insurance segment.

Its profits jumped 15 percent to €2 billion in the second quarter of 2015, compared with €1.8 billion in the second quarter of 2014. This was mainly driven by non-operating realised gains/losses that were €181 million higher than in the second quarter of 2014.

Allianz’s revenues increased 2.4 percent to €30.2 billion in the quarter, compared with €29.5 billion in the same period of the prior year.

Within Allianz's property and casualty (P&C) segment, gross written premiums (GWP) grew 9.2 percent to €11.8 billion in the second quarter of 2015, compared with €10.9 billion in the prior year quarter. Allianz said this was attributable to strong growth in Allianz Worldwide Partners, Turkey and AGCS.

Its operating profit also climbed 29.7 percent to €1.8 billion, compared with €1.4 billion in the second quarter of 2014, while its combined ratio improved by 1.1 percentage points to 93.5 percent.

"Despite negative one-offs, we have achieved an excellent performance in the first six months," said Oliver Bäte, chairman of the board of management of Allianz. "We confirm our operating profit outlook for 2015 at the upper end of the target range at €10.8 billion."

Dieter Wemmer, chief financial officer of Allianz, said: “All profit components contributed to the strong growth, including investment and underwriting results as well as the net gain from the sale of the Fireman’s Fund personal insurance business.”