German insurance specialist Allianz has booked a net income of E2.14 billion for the second quarter of its fiscal year, down 6% from E2.28 billion, the Associated Press has revealed.

According to MarketWatch, the drop is attributable to the group’s sale of a stake in a pharmaceutical player last year, in addition to an increase in insurance claims associated with the recent UK floods.

Operating profit for the quarter rose 18% to E3.3 billion, from E2.8 billion in the same corresponding period a year ago, while revenues amounted to E24.3 billion, which according to MarketWatch, represents a 1% rise.

The group’s property and casualty, and life and health businesses also delivered strong operating profit for the quarter, up 2.7% to E1.85 billion, and up 43.8% to E527 million, respectively.

Despite the 6% net profit slide, Allianz is still expecting a net income of approximately E8 billion for the year.