Allianz Q2 net profit beats forecasts

FRANKFURT Fri Aug 2, 2013 1:18am EDT

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FRANKFURT Aug 2 (Reuters) - Allianz's net profit rose by a forecast-beating 27 percent to 1.6 billion euros ($2.12 billion) in the second quarter, helped by strong performance in property and casualty insurance and asset management.

Europe's biggest insurer had been expected to report quarterly net profit of 1.29 billion euros, the average of 10 forecasts in a Reuters poll of banks and brokerages showed, up from 1.25 billion in the year-earlier quarter.

Operating profit rose by 5.2 percent to 2.4 billion euros, it said on Friday, also beating the poll average.

Allianz confirmed its goal of reaching operating profit of 9.2 billion euros this year, plus or minus 500 million, but added it would likely reach the top of the range. ($1 = 0.7557 euros) (Reporting by Jonathan Gould)