Allianz’s first-half operating profit rose 8.6% to €9.4 billion ($15.4 billion), accounting for 54% of the full-year outlook.

The insurer says growth was particularly strong in the property and casualty and asset management segments as performance was sustained in the second quarter. It is “well on track” to achieve a full-year result of €17.4 billion ($28.4 billion), “plus or minus” €1 billion ($1.6 billion).

Property and casualty operating profit for the half increased 9.1% to €4.87 billion ($7.96 billion), and the combined operating ratio was 91.4%. The June quarter result rose 7.2% to €2.46 billion ($4.02 billion).

Australian earnings were driven by retail and commercial lines, supported by the RAA acquisition in SA and local currency appreciation.

Total business volume for Australia increased 23% to €1.78 billion ($2.91 billion), and operating profit rose 14.9% to €192 million ($314 million).

The Munich-based company says its strategic priorities include translating artificial intelligence capabilities into productivity gains to support affordability and growth, and strengthening resilience.

“Insurance costs are rising faster than disposable income, and we take that challenge seriously,” CEO Oliver Bate said.

“Through our investments in AI, risk prevention and smarter services, we are determined to help more customers protect what matters to them at a price they can afford.”