German insurer Allianz Group has posted a net income of EUR1.1bn for the second quarter ended June 30, 2010, compared to EUR1.9bn in the same quarter last year.
Total quarterly revenues for the second quarter of 2010 grew by 14.5% to EUR25.4bn from EUR22.2bn in the parallel quarter of 2009.
Operating profit for the second quarter of 2010 jumped by 22.7% to EUR2.2bn from EUR1.8bn in the same period of last year.
Half-year net income jumped by 39.5% from EUR1.9bn to EUR2.7bn. Total revenues for the first six months of 2010 amounted to EUR56bn, and were 12.2% higher than EUR49.9bn in the same period of 2009. Half-year operating profit grew by 21.7% from EUR3.2bn to EUR3.9bn.
Michael Diekmann, CEO of Allianz, said: We had a very good half-year with double-digit growth in both revenues and operating profit. In a first half-year marked by exceptionally high natural catastrophe losses, our success shows that our diversified approach across business segments and regions is helping us to ensure stable results.
“In addition, our strong capitalization and conservative capital management underline the reliability for which Allianz is renowned.