COMPANIES Allianz, Europe’s largest insurance group, more than doubled quarterly net income from its operations, lifted by the rally in world markets which improved returns from its investments.
Operating profits in the three months to September also improved from €1.6bn ($2.4bn) a year ago to €1.9bn. But its property and casualty insurance business was operating “below normal levels”, due to a high number of weather-related claims combined with the effects of the recession on underwriting policies.
