Allianz expands P&C by 2.4% in Q2

German insurance giant Allianz expanded the property/casualty (P&C) business in the second quarter while the combined ratio deteriorated.

Revenues in P&C grew 3.4 percent year on year to €12.1 billion in the second quarter of 2018. Overall the group’s revenues grew 2.9 percent to €30.9 billion over the period.

The combined ratio deteriorated to 94.1 percent in the second quarter of 2018 from 93.7 percent in the second quarter of 2017 reflecting an expanded claims ratio from higher large losses and higher weather-related events.

Operating profit in P&C grew 0.7 percent year on year to €1.46 billion in the second quarter.

“The good results in property and casualty show the underlying strength of our business,” said chief financial officer Giulio Terzariol. “We have made progress with our productivity initiative as shown by the expense ratio. We remain on track to meet our target of 94 percent in the combined ratio,” Terzariol added.

The group’s net income attributable to shareholders decreased slightly to €2.00 billion in the second quarter from €2.10 billion, impacted by the sale of the company’s traditional life insurance portfolio in Taiwan.

“We remain on track to meet our 2018 operating profit target,” said CEO Oliver Bäte.

“I am thankful for everyone on the Allianz team for making this happen across countries and companies. This makes me confident that we will achieve our three-year renewal agenda targets,” said CEO Oliver Bäte.

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