By Pietro Lombardi 
 

Allianz SE's (ALV.XE) backed its guidance for the year after second-quarter net profit rose, boosted by growing operating profit and better non-operating results.

Net profit for the period rose 13% to 2.14 billion euros ($2.37 billion), the German insurer said Friday.

Revenue increased 6.1% on the year to EUR33.2 billion. Its three main business segments supported the growth: Allianz's property-and-casualty segment, its life-and health business and asset-management operations posted higher revenue for the quarter.

Operating profit grew 5.4% on year, with higher operating profit in asset management, and life and health offsetting a decline in property and casualty.

In the asset-management division, which includes U.S. fund manager Pacific Investment Management Company, operating profit rose 4.1% "mainly as a result of higher assets under management driven revenues," it said.

The company's solvency II ratio, a key measure of balance-sheet strength, was 213% in June compared with 218% in March

Allianz backed its target of an operating profit of between EUR11 billion and EUR12 billion in 2019.

"Sustainable performance is the result of our rigorous strategy execution that provides desired solutions for our customers," Chief Executive Oliver Baete said.

"Our half-year results testify that Allianz is on track to achieve its full-year targets."

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

August 02, 2019 01:31 ET (05:31 GMT)

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