Italy-based Ras, a subsidiary of Allianz, has announced a gross operating profit of E558 million for the six months ended June 30, 2007, up 16.6% compared to 2006 results, while net profit increased 64% to E649 million.

Consolidated premium income amounted to E6.5 billion, up by 12.4%, driven by the good performance of life premium income, which increased by 19.6% to E4.6 billion.

Enrico Cucchiani, member of the board of management of Allianz and Ras’s managing director, said: The results for the first six months of this year were particularly good in terms of both premium income and profitability. They appear to be higher than the market average and are extremely promising for the forthcoming Allianz.