Allianz Q2 net profit falls by 23% in worse-than-expected results

The insurer's target of 2022 operating profit between €12.4bn and €14.4bn remains intact, the company said. Picture: Nathan Laine/Bloomberg

German insurer Allianz on Friday posted a worse-than-expected 23% fall in second-quarter net profit, dampened by volatile markets and restructuring costs, but confirmed its target for the year.u

Despite the drop in profit, the quarter marks a return to business as usual for Allianz. The insurer had in recent months been dogged by a fraud case at its U.S. funds unit that resulted in a $6bn (€5.86bn) settlement with U.S. authorities in May.