Allianz Q2 profits beat forecasts

Second quarter profits at Allianz beat forecasts, thanks to increased earnings at its life and health business, while profits at its asset management unit grew 19%.

Net income jumped to €1.32bn from €1bn a year earlier, up 23% on last year, the group said in a statement. A Bloomberg poll of analysts had estimated an average €1.15bn.

Net investment income increased to €5.66bn in the quarter from €4.52bn a year ago, helped by currency gains, the company said. Allianz wrote down its Greek debt holdings by 326 million euros in the year-earlier period.

The firm’s asset-management unit, which includes California-based Pimco, posted an increase in profit of more than 19% to €345m in the quarter. Assets under management rose almost 16% to €1.7trn, while third-party assets under management climbed to €1.4trn from €1.2trn the year before.

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