Allianz says second-quarter net profit grew 15% to €2.02 billion ($2.98 billion) due to lower claims from natural catastrophes and the sale of an insurance subsidiary.

Total revenue increased 2.4% to €30.2 billion ($44.68 billion) and operating profit was up 2.6% to €2.84 billion ($4.2 billion).

Property and casualty GWP grew 9.2% to €11.84 billion ($17.51 billion).

“All profit components contributed to the strong growth, including investment and underwriting results, as well as the net gain from the sale of the [US] Fireman’s Fund personal insurance business,” CFO Dieter Wemmer said.

The combined operating ratio improved to 93.5% from 94.6% in the second quarter of last year.

Costs from natural catastrophes totalled €122 million ($180.55 million), down from €172 million ($254.56 million), and were mainly caused by storms and hail in Australia.

In the life and health division operating profit fell 13.4% to €853 million ($1.26 billion), due to a lower investment margin in Germany and reserve strengthening in South Korea.

Life and health statutory premium fell 1.4% to €16.72 billion ($24.75 billion) in the second quarter. Excluding foreign exchange and consolidation effects, statutory premiums were 6% lower.

Demand for non-traditional life insurance continued to grow amid overall lower sales.

“In the second quarter, we continued to shift growth towards our new products that are designed to better address the low interest rate environment for customers and shareholders,” Mr Wemmer said.

Asset management, which includes US-based Pacific Investment Management and Allianz Global Investors, performed within expectations, with operating profit falling 25.2% to €505 million ($747.57 million) for the quarter.

“Third-party net inflows at Allianz Global Investors reached a new record high, while outflows at [Pacific Investment Management] more than halved compared with the first quarter of [this year],” Mr Wemmer said.

Allianz has confirmed its full-year operating profit outlook of about €10.8 billion ($15.98 billion).