Allianz saw its net income increase by 15.1% in the first six months of the year to Euros 1.6bn.
Growth in the German group's insurance business grew while its banking side suffered from market turmoil, losing Euros 1.058bn.
Worldwide gross premium income grew to Euros 42.1bn from Euros 37.6bn in the first six months of 2001.
Within the group's property and casualty insurance operations, premium income increased by 5.6% to Euros 23.6bn from Euros 22.3bn last time as a result of higher premiums.
The group's loss ratio fell by 1.6% to 74.6% from the first quarter of 2002. The expense ratio was more or less unchanged at 27.6%.
The combined ratio, which measures claims and costs as a percentage of premiums, was 102.2% but fell short of the group's target of 100% which it hopes to hit by 2004.
Half year earnings for property and casualty insurance were Euros 6.9bn.
