Insurance major Allianz has reported an operating profit of €3.78bn in the second quarter (Q2) of 2023, a 7.1% increase from €3.53bn in the year-ago quarter.

Net income during the period under review was €2.48bn, a 19% increase, with core earnings per share surging 25.6% to €5.97 from last year’s €4.75.

Total business volume during the April-June quarter increased by 5.9% to €39.6bn against €37.4bn year-on-year (YoY).

Affirming its full-year outlook, Allianz attributed the increase in the total business volume to the life and health and property and casualty (P&C) business segments.

While the rise of the life and health business was primarily attributed to strong single-premium volumes in the US, P&C benefited from higher pricing and volumes.

A decline in AuM-driven revenues in the company’s asset management business segment somewhat offset this growth.

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The total business volume from P&C business rose 8% to €17.6bn. The segment’s operating profit was €1.98bn, a 10.8% increase YoY and its combined ratio was 92.2% during the three months that ended 30 June 2023.

Operating profit from the life and health business during Q2 was €1.2bn and the segment’s contribution to total business volume was €20.3bn.

At the end of Q2 2023, Allianz’s Solvency II capitalisation ratio was 208%, up from 206% at the end of the first quarter.

In H1 2023, the total business volume and operating profit were €85.6bn and €7.51bn, respectively.

Allianz CEO Oliver Bäte said: “Allianz’s excellent results in the first half of 2023 demonstrate the strength of our fundamentals as we capitalise on our global scale and diversified business mix for the benefit of our customers and our shareholders.

“I am particularly pleased by the strong performance in the property and casualty business where we have achieved a strong 92% combined ratio, by the continued volume and profit growth of our life and health business, as well as by the resilience of our asset management segment, which recorded positive third-party net inflows for the second quarter in a row despite cautious investor sentiment.”