Allianz has reported strong growth from Asian operations in the first half, with operating profit up 34% to €289 million ($418.84 million).

Management board member Manuel Bauer says property and casualty (P&C) and life and health contributed to a 5% rise in revenue to €3.8 billion ($5.51 billion).

P&C increased gross written premium by 9% to €703 million ($1.02 billion) and recorded operating profit of €82 million ($118.84 million), with no previous-year figure given.

Life and health premiums grew 7% to €3.13 billion ($4.54 billion), with operating profit steady at €207 million ($300 million).

Asia-Pacific Regional GM Rangam Bir says Allianz will step up distribution growth in markets including Indonesia, Thailand and China.

Mr Bauer says further profitable growth is expected amid increasing wealth, ageing populations and the widening gap in provision for old age.