Higher prices and lower claims from natural catastrophes provided a surprisingly strong boost for insurer Allianz in the second quarter. Operating profit rose by around seven percent compared to the previous year to almost 3.8 billion euros, as the Dax group announced in Munich. Allianz thus performed better than expected by analysts on average. CEO Oliver Bäte sees the group as remaining on course to achieve an operating profit of between 13.2 and 15.2 billion euros this year as planned.

In the second quarter, Allianz increased its total business volume by almost six percent to 39.6 billion euros, also thanks to price increases in property and casualty business. The surplus attributable to the shareholders grew by 18 percent to 2.3 billion euros after a year earlier depreciation had eroded profits. While the operating profit in the property and casualty division and in life and health insurance increased significantly, it fell in the fund business.

Starting this year, Allianz and other major insurers have been calculating their business figures in accordance with the new accounting standards IFRS 17 and IFRS 9 for the first time. The previous year’s figures have been adjusted accordingly.