Global insurance rates may be trending down, but the latest major international insurers to report their June figures are showing the trend isn’t reflected in their returns.

Allianz has reported a strong second quarter with total revenues increasing by 6.6% to €23.7 billion ($38.1 billion) compared to the second quarter last year.

Property and casualty business looked particularly good, with a declined combined ratio reaching 89.8%. Board member Helmut Perlet says the company’s results show its disciplined underwriting policy is paying off.

Leading UK insurer Aviva also posted increased general insurance profits in its half-year results, with a worldwide operating profit up 21% to £1.31 billion ($3.09 billion), and a worldwide combined operating ratio of 95%.

Another UK general insurer, Royal & SunAlliance, is making steady progress after several horror years, ending the half-year with an after-tax profit of £195 million ($458 million) – up £82 million ($192.5 million) from the first half of last year – on net written premiums of £2.9 billion ($6.8 billion).

The company also delivered a combined operating ratio of 92%, down marginally from the corresponding period last year.