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Allianz profit disappoints

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Allianz profit disappoints

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Europe’s biggest insurance company, Allianz disappointed investors as its property and casualty insurance business came in below expectations during the second quarter.

Group net profit did rise by a fifth in the second quarter to almost 1.9 billion euros, up from 1.5 billion in the same period last year. Chief executive Michael Diekmann said Allianz faces “an ongoing challenging market environment.”