German-based insurer Allianz has achieved record results for last year, with net income lifting 13.5% to €7.97 billion ($12.84 billion) and operating profit up 9% to €10.9 billion ($17.6 billion).

But the overall net income for the quarter almost halved to €665 million ($1.1 billion) as its investment banking arm suffered from the subprime credit crunch.

Allianz's property-casualty business performed well in the fourth quarter, enjoying a 26% lift in operating profit to €1.65 billion ($2.66 billion).

The division's operating profit for last year was up 0.5% to €6.3 billion ($10.16 billion).

Property-casualty net income was down 7.1% for the quarter to €906 million ($1.46 billion) but up 9% for the year to €5.17 billion ($8.34 billion).

The combined ratio for Allianz's general insurance arm improved by four percentage points to 90.9% for the quarter but drifted slightly to 93.6% for the year - an increase of 0.7 percentage points.