UPDATE: Allianz Posts Higher Q2 Profit

Allianz SE AZSEY reported higher second-quarter profit. The Munich, Germany-based company's quarterly net income surged 10.5% to 1.76 billion euros ($2.35 billion), versus 1.59 billion euros, in the year –ago period. Analysts were expecting a profit of 1.66 billion euros. Its total revenue jumped 10.0% to 29.46 billion euros from 26.78 billion euros, while operating profit gained 17.1% to 2.77 billion euros. Its natural catastrophe claims shrank to 172 million euros versus 549 million euros. Its half-year operating profit gained 6.4% to 5.49 billion euros. Michael Diekmann, Chairman of the Board of Management of Allianz SE said, “In view of these good half-year results, we maintain our outlook for the operating profit for 2014 of 10 billion euros, plus or minus 500 million euros, but expect the upper end of the target range to be in reach. As always, this forecast is under the caveat that natural catastrophes and capital market turbulence do not exceed expected levels.” Operating profit at the property and casualty insurance unit rose 14% to 1.35 billion euros, while earnings at the life and health insurance unit jumped 47% to 984 million euros. Operating profit at the asset management business dropped 16% to 675 million euros. Total assets under management declined 2.6% to 1.81 trillion euros, while third-party assets dropped to 1.37 trillion euros versus 1.46 trillion euros. Allianz shares fell 0.49% to close at $16.22 yesterday.