German insurer Allianz SE (ALV.XE) is expecting an operating profit of some EUR7.2 billion this year, board member Michael Diekmann said Thursday.

Diekmann said at the Merrill Lynch Banking and Insurance conference in London that the final amount will be at most EUR500 million higher or lower than that figure.

Europe's recovery in the wake of the financial crisis has the continent's major insurers well positioned for premium income, Diekmann added.

-By Patrick Mcgroarty, Dow Jones Newswires; 49 171 97 48 903; patrick.mcgroarty@dowjones.com