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MUNICH, GermanyAllianz S.E. said Friday it was on track for a record net profit for the year of about €8 billion ($10.9 billion) after posting strong first half results.
Allianz' property and casualty business posted another strong quarter, the company said. Gross premiums written increased by 3.1% from €9.7 billion in the second quarter 2006 to €10 billion. Despite strong rainfalls in the United Kingdom, the combined ratio was at 92.9%, only slightly above previous year's level, it said.
"The good results from the first half-year provide an excellent platform for attaining our goals in 2007 to 2009. We are expecting net income of around €8 billion for the year 2007," said Allianz Chief Executive Officer Michael Diekmann.
Second-quarter net profit fell 6% to €2.14 billion, but Munich-based Allianz said this was expected since results were boosted in the same period last year by the sale of its stake in Schering A.G., the German pharmaceutical manufacturer.
In the second quarter, Allianz said it had increased its operating profit by 17.7% to €3.3 billion.