Allianz beefs up buyback plan after record first half

German insurance and asset management titan Allianz has expanded its share buyback plan this year by 50% after announcing record profits in the first half.

The company, which just completed €1bn of share repurchases at the end of July, said it would buy back a further €500m this financial year.

Total business volumes were up 7.6% in the second quarter at €42.6bn, helped by a strong performance in the property an casualty insurance division, which largely offset the negative impact of elevated natural catastrophes during the period, in particular in Germany.

This lifted first-half volumes to €91bn, up 6.4% on last year.

First-half operating profit was up 5.3% at €7.9bn, with growth registered across all major group segments.

"Our performance demonstrates the core strengths and resilience of our company, particularly as our results were achieved amid significant natural catastrophe activity in the second quarter – and notably in our home market," said chief executive Oliver Bäte.

Looking ahead, the company maintained its guidance for a full-year operating profit of €14.8bn, plus or minus €1bn.

Shares were up 1.1% at €252 by midday in Frankfurt.