Allianz says second-quarter net profit grew 10.5% to €1.76 billion ($2.54 billion), as the impact from natural catastrophes eased and life earnings increased.

Property and casualty gross written premium gained 0.9% to €10.85 billion ($15.69 billion), while the division’s operating profit climbed 14.2% to €1.35 billion ($1.95 billion).

“Our property and casualty business has seen another successful quarter helped by a comparatively low impact from natural catastrophes and a strict underwriting discipline,” CFO Dieter Wemmer said.

The natural catastrophes bill totalled €172 million ($249 million), mostly caused by Windstorm Ela in Belgium, France and Germany in June. The quarterly combined operating ratio improved to 94.6% from 96% in the corresponding period last year.

Life and health insurance statutory premiums grew 20.1% to €16.96 billion ($24.52 billion), driven by the US, Germany and Italy. The division’s operating profit gained 47% to a new high of €984 million ($1.42 billion).

Operating earnings from asset management fell 16% to  €675 million ($976 million).

The company has maintained its full-year earnings outlook, and says the upper end of its target range is “in reach”.