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Allianz Profit Beats Estimates

Allianz

Allianz SE, Europe’s biggest insurer, said second-quarter profit rose 15 percent, spurred by earnings from property and casualty.

Net income increased to 2.02 billion euros ($2.2 billion) from 1.76 billion euros a year earlier, the Munich-based company said Friday. That compared with an average estimate of 1.79 billion euros of 10 analysts surveyed by Bloomberg.

Insurers have benefited from a decline in natural catastrophes in the second quarter, as pressure on prices and low interest rates held back revenue. Lower catastrophe claims helped second-quarter profit at Allianz’s property and casualty division increase 39 percent to 1.34 billion euros.

In property and casualty “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,” Chief Financial Officer Dieter Wemmer said in the statement.

The firm confirmed its outlook for 2015 operating profit, saying it will now be at the upper end of the range at 10.8 billion euros.