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Member, Beacon International Group, Ltd.
German insurer Allianz S.E.'s net income more than doubled from €492 million ($649.2 million) in the fourth quarter of 2011 to €1.22 billion ($1.6 billion) in the fourth quarter of 2012, driven by an unexpected rise in profit from property/casualty insurance, reports Irish Times.
In the property/casualty business, operating profit rose 15.6% to €1.26 billion ($1.66 billion) in Q4/2012. In 2012, the group's operating profit stood at €9.5 billion ($12.53 billion), while gross written premiums from property/casualty rose 4.7% to €46.9 billion ($61.88 billion). European insurers' earnings were boosted by higher prices for some products and an increase in investment income.