Allianz recorded €30.9 billion ($48.28 billion) in revenue for the second quarter, up 2.9% on the corresponding period last year.

But net income was down 4.7% to €2 billion ($3.12 billion) due to a previously announced negative impact from the sale of a life portfolio in Taiwan.

The property and casualty business performed well, with gross written premium rising 7.3% to €12.1 billion ($18.91 billion).

The combined operating ratio worsened slightly to 94.1%, reflecting a higher claims ratio from large losses and weather-related events, partly offset by an improved expense ratio.

“The good results in property and casualty show the underlying strength of our business,” CFO Giulio Terzariol said.