Allianz Group reported second-quarter net income attributable to shareholders of €2.14 billion, up from €1.89 billion a year ago.

The increase in net income is mainly due to the growth of the group's operating profit, which went up by 5.4% to €3.16 billion compared to the prior-year quarter. The increase in operating profit reflects the good underlying performance of its life and health business. The company noted that its second-quarter net income in 2018 was negatively impacted by the sale of its traditional life insurance portfolio in Taiwan.

EPS for the quarter was €5.10, up from the year-ago €4.38.

Total revenues for the quarter amounted to €33.2 billion, compared to €31.3 billion a year earlier.

The property and casualty insurance segment posted total revenues of €13.4 billion, an increase from the year-ago €12.5 billion, mainly driven by Allianz Global Corporate & Specialty, Euler Hermes and Germany. Operating profit, meanwhile, declined to €1.38 billion, compared to €1.46 billion a year ago. The combined ratio in the segment stood at 94.3%, compared to 94.1% in the second quarter of 2018.

The life and health insurance segment's total revenues increased year over year to €18.1 billion from €17.1 billion. Operating profit also rose, to €1.23 billion from €1.08 billion, mainly driven by the deferred acquisition cost amortization period for the fixed indexed annuities in the U.S. and by volume growth, partially offset by a lower investment margin.

The asset management business posted an operating profit of €678 million, an increase from €652 million in the previous year. The company primarily attributed the increase to a rise in operating revenues, supported by higher average AUM, with third-party AUM reaching a new record level of €1.591 trillion. Total AUM also reached an all-time high at €2.163 trillion.

For the first half, the German insurance group's attributable net income increased on a yearly basis to €4.11 billion from €3.83 billion. Total revenues came in at €73.5 billion, up from the year-ago €68.2 billion.

First-half EPS amounted to €9.75, up from the year-ago €8.78. Operating profit also increased, to €6.12 billion from €5.75 billion.

The group reported a Solvency II capitalization ratio of 213% at the end of June, compared to 229% at Dec. 31, 2018.

Allianz also confirmed its operating profit target of €11.5 billion, plus or minus €500 million, for 2019.

"Our half-year results testify that Allianz is on track to achieve its full-year targets," CEO Oliver Bäte said.