Allianz has achieved record profits for the first half of the year with an operating profit of 3.9 billion Euros.
The company's general insurance business in Australia performed well assisted by higher renewal rates and a drop in claim-related losses.
The business made an operating profit of €166 million ($275 million) in the June quarter, compared with €26 million ($43 million) a year earlier. Insurance revenue grew to €1.15 billion ($1.9 billion) from €1 billion ($1.65 billion).
Total business volume grew 13% to $2.5 billion) and the company reports Australian renewal rates increased 10.6% in the first half.
“Allianz delivered strong results in the first six months of the year and we are confident in our ability to achieve our full-year ambitions,” CEO Oliver Bate said.
Allianz states that the business remains on track for an operating profit of €14.8 billion ($24.5 billion).