Allianz’s Australian property and casualty business made an operating profit of €167 million ($298 million) in the second quarter, up marginally from €166 million ($296 million) a year earlier.

The loss ratio improved to 62.8% from 65.7% and the combined operating ratio strengthened to 84.6% from 87.8%.

Globally, the P&C business increased operating profit to €2.29 billion ($4.09 billion) from €1.92 billion ($3.43 billion).

Allianz says the P&C operation delivered “very good growth and excellent underwriting profitability”.

“Internal growth was very good … with healthy growth in both commercial and retail,” it said. “Allianz successfully managed growing its business while maintaining underwriting discipline.”

Including life and other businesses, Allianz’s operating profit grew 12.2% to a record €4.4 billion ($7.87 billion).

The insurer has maintained a full-year operating profit outlook of €16 billion ($28.6 billon), plus or minus €1 billion ($1.78 billion).