Global insurer Allianz has blamed a 28% fall in investment income for its first-half profit fall of about 8%. The German company said its profit to June was about $2.4 billion. Insurance premiums rose 7.1%, but a stagnant German stock market put paid to its ability to capitalise on rising premiums.

However, Allianz remains confident it will produce a full-year profit 13% above the previous year’s figure.