Allianz’s preliminary results show an 83.4% rise in net income attributable to shareholders for the second quarter, to €2 billion ($2.93 billion).

The combined operating ratio improved to 93.7% from 96.4% in the corresponding period last year, while operating profit grew 23% to €2.9 billion ($4.25 billion).

Total revenue was up 2% to €29.99 billion ($43.98 billion), while the tax rate fell to 27% from 33%.

Performance in all business segments improved in the second quarter, Allianz says.

The run-off ratio fell to 3.8% from 6.5%, while the underlying loss ratio improved by 1.7 percentage points.

Allianz expects to be near the upper end of its full-year operating profit target range, about €10.8 billion ($15.83 billion), barring unforeseen events, crises or natural catastrophes.