Allianz’s total operating profit grew 4% to €2.8 billion ($4.58 billion) over the last six months compared to the corresponding period last year, the insurer says.

A higher underwriting result, lower claims from natural catastrophes and a lower expense ratio drove the improved result, the insurer says.

The combined ratio for the year improved to 94%.

In property and casualty, operating profit declined 5% to €1.4 billion ($2.29 billion), while the combined ratio was 94.3%.

In the life insurance business, higher sales in its German and US life markets increased the value of new business premiums to €32.9 billion ($53.85 billion).