Allianz says its second-quarter operating profit rose 5.3% to €3.5 billion ($5.1 billion) from a year earlier, driven partly by a strong result from its property and casualty (P&C) business.

P&C revenues in the three months to June surged 16.2% to €16.2 billion ($23.8 billion), as the internal growth rate more than tripled to 11.1% due to a price effect of 5.8% and a volume effect of 3.9%.

P&C operating profit grew 21.1% to €1.6 billion euros ($2.4 billion), reflecting strong growth in the underwriting result and the operating investment result while the combined ratio improved 0.3 percentage points to 93.6% from natural catastrophe claims and a favourable contribution from the run-off result more than offset higher attritional losses.

“Allianz delivered another quarter of robust financial performance, driven by strong growth in our Property-Casualty business,” CEO Oliver Bate said.

“Our operating profit and group solvency ratio proved resilient against heightened volatility and a fundamentally weaker economic environment.

“We are well-positioned to manage the impact of high inflation and the economic pressures that are particularly evident in Europe.”

The business affirmed its full-year operating profit target at €13.4 billion ($19.7 billion), plus or minus €1 billion ($1.5 billion).