Allianz’s Australian general insurance business has reported an 11.4% increase in revenue to €2.1 billion ($2.8 billion) for the 12 months ending December 31 2010.

This compared to €1.6 billion ($2.1 billion) in 2009.

Globally, Allianz’s general insurance business generated net premiums of €63.3 billion ($86.4 billion), up 5.9% on the previous year’s earnings of €59.7 billion ($81.5 billion).

Total net claims for the year were €46 billion ($62.8 billion), up 6.3% from 2009’s figure of €45.6 billion ($62.2 billion).

Claims from natural catastrophes rose dramatically to €1.3 billion ($1.7 billion) last year compared to €447 million ($610 million) in 2009.

Despite a rise in claims, Allianz reported a €4.3 billion ($5.8 billion) operating profit, up 5.9% on the 2009 full year result.

CEO Michael Diekmann says growth was driven by improvements in both operating investment income and underwriting, despite a significantly higher volume of natural catastrophe losses.

“I would also highlight the double-digit revenue growth in our direct business and positive price effects on both new business and renewed contracts in the UK, Australia, Italy, France and credit insurance,” he said.

Allianz’s life and health business reported revenues up 12.5% to €57.1 billion ($78 billion) compared to €50.8 billion ($69.3 billion) in 2009.

The operating profit for the life and health business was €2.9 billion ($3.9 billion), up 7.4% compared to 2009’s result of €2.7 billion ($3.6 billion).

The Asia-Pacific region life and health business reported a 32.7% growth in revue to €6.4 billion ($8.7 billion).