FRANKFURT (Reuters) - German insurer Allianz (ALVG.DE) on Friday posted a better-than-expected 13.5% rise in net profit in the second quarter from a year earlier and confirmed its full-year profit target.
Net profit of 2.265 billion euros ($2.51 billion) compared with the 2.03 billion euro profit forecast by analysts in a Refinitiv poll and is up from 1.995 billion euros a year ago.
Results were helped by a one-off effect in Allianz’s life and health division, namely the deferring of expenses incurred for new or renewed policies in the U.S.
“Our half-year results testify that Allianz is on track to achieve its full-year targets,” Chief Executive Oliver Baete said.
For 2019, Allianz confirmed it was aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros.
Allianz’s combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the second quarter, little changed from a year earlier. Readings below 100 indicate profitability.
Reporting by Tom Sims, editing by Riham Alkousaa and Michelle Martin