By Pietro Lombardi

Allianz SE struck a positive tone on its outlook for the year after net profit grew significantly in the second quarter.

The German financial firm said Friday that it now sees its operating profit for the year in the upper half of the 11 billion euros to 13 billion euros ($13.02 billion-$15.38 billion) target range.

The guidance comes after second-quarter net profit rose 46% to EUR2.23 billion, boosted by growing operating profit at its main divisions. Overall, operating profit rose 29%, with the property and casualty segment up 19%. The life and health operations posted an almost 30% increase, while asset management's operating profit was up 29%.

On Sunday, the company said that the U.S. Department of Justice is investigating its hedge funds that caused investors large losses during the coronavirus-related market downturn early last year. The hit to future earnings could be significant, it warned.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

August 06, 2021 01:34 ET (05:34 GMT)

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