The Asia-Pacific operations of Allianz were among the property and casualty standouts as the German insurer reported a full-year net profit of €4.29 billion ($6.55 billion).

Despite a 2% fall in its property and casualty gross written premium to €42.5 billion ($64.9 billion), the group increased its business in Australia and Asia-Pacific, alongside the UK and South America.

The overall result was a big improvement on a €2.44 billion ($3.72 billion) loss recorded last year, which was due primarily to the €6.4 billion ($9.8 billion) impact of discontinued operations with the disposal of Dresdner Bank.

Total revenue for the year increased 5.2% to €97.4 million ($148.7 million) from €92.6 million ($141.4) previously.

Operating profit from property and casualty lines plunged 28% to €4.06 billion ($6.2 billion), while the property and casualty combined ratio deteriorated to 97.4% from 95.4%.

Life and health operations turned in a better performance, with operating profit more than doubling to €2.8 billion ($4.3 billion). Asset management division fortunes also rose by 51% to €1.4 billion ($2.14 billion).

“Our property and casualty business is well positioned for improvements in 2010 after seeing a positive trend in operating profit during the last two quarters,” Allianz SE board of management member Oliver Bate said.