Allianz’s property and casualty (P&C) arm posted stronger earnings last year, boosted partly by its Australian business, the third largest non-life insurer here.

The P&C business globally booked a 12.4% rise in revenues to €70 billion ($108.8 billion) and operating profit gained 8.4% to €6.2 billion ($9.6 billion). Net premiums earned went up to €58.88 billion ($91.5 billion) from €53.05 billion ($82.48 billion).

For the Australian P&C business, revenues increased 9.1% to €4.35 billion ($6.76 billion) while net premiums earned increased to €3.64 billion ($5.65 billion) from €3.13 billion ($4.86 billion). Operating profit was higher too, at €355 million ($551.97 million) from €307 million ($477 million) in 2021 while the combined ratio was 93.3% versus 93.4%.

“Our Property-Casualty business had strong revenue growth, driven by healthy pricing and good volumes,” Allianz said.

“In this business segment, we achieved excellent results by successfully managing the impact of inflation, leveraging on higher interest rates and using the scale of our franchise to our advantage.”

Allianz’s overall operating income – including contributions from its life/health and asset management arms – grew 5.7% to €14.2 billion ($22.07 billion) and total revenues were up 2.8% to €152.7 billion ($237.4 billion).

For 2023 the insurer is aiming for an operating profit target of €14.2 billion plus or minus €1 billion ($1.55 billion).