Allianz Group, a Germany-based insurance provider, has reported a 6.3% rise in net profit to more than €1.4bn in the third quarter of 2013 compared with a year ago period.

The profit increase was driven by the insurer’s property and casualty as well as life and health divisions.

For the period from July to September, net revenues dropped 0.2% to €25.1bn, compared with €25.2bn a year ago.

Despite storms in Europe in July and August, operating profit in Property and Casualty insurance increased.

Gross premiums written decreased 6.5% to €10.7bn, compared with €11.4bn in the previous year. Operating profit increased 6.4% to more than €1.2bn.

Statutory premiums in Life and Health insurance segment rose to €12.7bn from €11.9bn, driven by strong demand especially in Germany and Italy. Operating profit decreased 5.6% to €769m from €815m a year ago.

Asset Management unit operating revenues reached €1.7bn, while operating profit fell 11.1% to €754m, compared €848m in the last year.

Allianz CEO Michael Diekmann said, "Given the positive development of the Allianz Group for the first nine months of 2013, we now expect our operating profit for the full year to be slightly above 9.7 billion euros, the upper end of our previously stated target range."