German insurer Allianz posted better-than-expected second-quarter profit at its troubled banking arm as it detailed a strong group performance and profit upswing.
Germany's biggest insurer said its banking arm - almost entirely Dresdner Bank - made a net profit of €249 million in the second quarter, nearly double the same period last year.
The group's other divisions - including life and health insurance, property and casualty insurance, and fund management - also performed strongly, contributing to a 65 per cent rise in overall earnings revealed earlier in the week.
Allianz said it was on track to beat its divisional goals for the year.
Allianz's stock price rose sharply earlier this week when it said second-quarter net profit rose by two-thirds to €1.39 billion, without giving details. The result was higher than analysts forecast.
Allianz was once a powerhouse of financial stability with a share price more than four times than today's.
But it has been dragged down in recent years by the €24 billion Dresdner takeover.