Allianz Group sees profit rise by 9%

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The group saw operating profit rise to €2.9bn (£2.45bn), from €2.7bn the previous year. Revenue increased by 2.5% from €35.4bn to €36.2. However combined operating ratio for the property and casualty lines increased to 95.6% in this quarter, compared to 93.3% in the same period last year, due to claims stemming from large losses and natural catastrophes. Oliver Bäte, CEO of Allianz SE, said that the group is targeting towards an operating profit of €10.8bn for the full year: “Our first quar