Allianz Global more than doubles operating profit

German commercial insurer Allianz Global Corporate & Specialty SE’s operating profit jumped 123% year-on-year to €459 million ($476 million) in the first nine months of the year, due to strong underwriting and investment results, Xprimm reported. The insurer’s gross written premiums increased 14% year-on-year to €8.5 billion, driven by high renewal rates, high renewals base, new business, and increased retention rate.