Allianz second-quarter net profit jumps to €1.32bn

German insurer Allianz reported forecast-beating net profit of €1.32bn (£1.03bn) in the second quarter, up 23 per cent from a year earlier, helped by strong life and health insurance performance.

Quarterly net profit was above the highest forecast of €1.29bn in a Reuters poll.
Europe's biggest insurer had been expected on average to report quarterly net profit of €1.19bn, up from €1bn in the year-earlier quarter, the poll showed.

Operating profit was €2.36bn in the April to June period, putting Allianz more than halfway toward its 2012 operating profit target of €8.bn, plus or minus €500m. The insurer confirmed the target today.