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Allianz’s Australian P&C profit jumps

Allianz’s property and casualty operating earnings from Australia grew by one-third in the second quarter, according to figures in the parent company’s financial results.

The total climbed to €121 million ($180 million) from €91 million ($135.5 million) in the corresponding period last year.

Gross written premium increased to €825 million ($1.23 billion) from €772 million ($1.15 billion), while the combined operating ratio improved to 86.9% from 91.9%.

The euro-denominated results are affected by exchange rate movements, and are presented under the International Financial Reporting Standard.

Munich-based Allianz says global property and casualty operating profit grew to €1.45 billion ($2.16 billion) from €1.13 billion ($1.68 billion), due to a more benign period for natural catastrophes and lower attritional losses.

“We made excellent progress in underwriting and by stabilising investment income in the property and casualty segment,” global CFO Dieter Wemmer said.

“The jump in quarterly operating profit growth is a clear sign that our efforts are paying off.”

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