Allianz says profit is 23 per cent higher

German insurance and asset management company Allianz says net profit rose 23 per cent in the second quarter as the company's life insurance business did well.

Net profit rose to 1.32 billion euros ($A1.55 billion) from 1.07 billion euros in the same quarter a year ago. Revenue rose 2.5 per cent to 25.2 billion euros.

Earnings also bounced back from losses on Greek government bonds of 326 million euros recorded in the year earlier quarter. Greek bonds lost much of their value due to the country's financial crisis.

Earnings at the life and health insurance business more than doubled, jumping to 506 million euros from 214 million euros a year ago.

The company said on Friday premium income was doing well, even in countries that have been hit by Europe's economic and financial crisis such as Spain and Italy.

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