For the first half of 2024, Allianz has reported a 14.2% increase in net income (group share) to five billion euros and a 5.3% increase in operating profit to 7.9 billion euros, with total business volume up 6.4% to 91 billion euros.

The German insurance company explains that all its segments contributed to the growth in operating profit, including property-casualty insurance, where 'a strong underlying performance more than offset the high impact of natural catastrophes'.

Also claiming a Solvency II capitalization ratio of 206% and an annualized core RoE of 17.5% at the end of June, Allianz confirms its operating profit target for 2024 as a whole at €14.8 billion, give or take a billion.

In addition, having bought back one billion euros worth of shares at the end of July as part of the program announced in February, the management board has decided to increase the share buyback envelope for 2024 by 500 million euros, bringing it to 1.5 billion.

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