Global insurance giant Allianz has reported double-digit growth with a total business volume hitting €17.6 billion.

Within P&C, business volume was up 8 petcent, and when adjusted for foreign currency translation and consolidation effects, internal growth was robust at 11.4 percent due to a price effect of 7.1percent and a volume effect of 4.7percent somewhat offset by a service effect of -0.5percent, reports Allianz.

The carrier attributes the growth to increases at Allianz Partners, Australia, Latin America, and Germany.

The P&C operating profit increased by almost 11 percent to €2 billion, driven by a benefit from a higher operating insurance service result and an improved operating investment result.

Overall, the P&C combined ratio strengthened slightly from 92.6% to 92.2percent, as the loss ratio improved by 0.4percent on the back of lower nat cat claims. The expense ratio increased slightly to 24.8percent.

In Allianz’s life and health insurance operations, the present value of new business premiums rose to €17.7 billion, as the operating profit increased to €1.2 billion on a higher result in the U.S. due to a prior year negative hedge result on variable annuities turning positive.

Group-wide, total business volume rose by 5.9 percent to €39.6 billion, while internal growth was strong at 8.7 percent as a result of the strong performance of the P&C segment.

Oliver Bäte, Chief Executive Officer of Allianz, commented, “Allianz’s excellent results in the first half of 2023 demonstrate the strength of our fundamentals as we capitalize on our global scale and diversified business mix for the benefit of our customers and our shareholders. With our double-digit growth in profits, we are well on track to achieving our Group targets for the year.

“I am particularly pleased by the strong performance in the Property & Casualty business where we have achieved a strong 92 percent combined ratio, by the continued volume and profit growth of our Life & Health business, as well as by the resilience of our Asset Management segment, which recorded positive third-party net inflows for the second quarter in a row despite cautious investor sentiment.”

Bäte concluded, “Our solid growth is a clear reflection of our customers’ continued trust in us to support them through this agonizing period of inflation and polarization. These trends not only challenge our global economy but also affect people deeply at an individual financial level.

With our results and capital position, we demonstrate that Allianz is a company that unfailingly delivers relevant solutions that people need, especially in our turbulent age.”