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Allianz raises profit on stronger life insurance, bounces back after Greek losses
FRANKFURT, Germany (AP) German insurance and asset management company Allianz says net profit rose 23 percent in the second quarter as the company's life insurance business did well.
Net profit rose to 1.32 billion ($1.63 billion) from 1.07 billion in the same quarter a year ago. Revenue rose 2.5 percent to 25.2 billion
Earnings also bounced back from losses on Greek government bonds of 326 million 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 from 214 million a year ago. The company said 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.