ALIZF Allianz Ag Muenchen Namen (PK)

By Ulrike Dauer

FRANKFURT--Allianz SE (ALV.XE) on Friday reported a 46% decline in net profit for the second quarter on a substantial one-time hit from the planned sale of a unit, but also because of a high disaster bill.

Still, Europe's biggest primary insurer by market value said first-half results put the company well on track for its full-year operating profit targets.

Allianz, which owns U.S. bond fund manager Pacific Investment Management Co., targets operating profit between EUR10.0 billion ($11.1 billion) and EUR11.0 billion for 2016.

Net profit fell to EUR1.09 billion from EUR2.02 billion in the second quarter of 2015. It was shy of an average forecast of EUR1.51 billion in a Dow Jones Newswires poll.

Total revenue fell 2.5% to EUR29.4 billion.

Quarterly operating profit, the company's main yardstick, was also lower at EUR2.35 billion. That marked a 17.2% decline from EUR2.84 billion in the year-earlier quarter and weaker than the forecast EUR2.39 billion.

Write to Ulrike Dauer at ulrike.dauer@wsj.com

(END) Dow Jones Newswires

August 05, 2016 01:50 ET (05:50 GMT)

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