(fxcue news) - Allianz SE on Thursday reported higher profit in its second quarter with increased business volume. The German financial services major also maintained its outlook for fiscal 2024. Allianz further said its Board of Management has decided to expand the total volume of the share buy-backs in the financial year 2024 to a total of 1.5 billion euros. The company has therefore resolved to repurchase additional shares in a volume of up to 500 million euros. Oliver Baete, Chief Executive Officer, said, "Allianz delivered strong results in the first six months of the year and we are confident in our ability to achieve our full-year ambitions. 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." Looking ahead to fiscal 2024, the company continues to expect operating profit at 14.8 billion euros, plus or minus 1 billion euros. In fiscal 2023, operating profit was 14.75 billion euros. For the second quarter, net income attributable to shareholders grew to 2.51 billion euros from last year's 2.34 billion euros, driven by operating profit growth, and higher non-operating result. Shareholders' core net income was at 2.536 billion euros, nearly stable with last year's 2.517 billion euros. Core earnings per share were 6.15 euros, compared to 5.97 euros a year ago. Operating profit increased to 3.9 billion euros from 3.8 billion euros last year. All segments contributed to this result. Property-Casualty insurance operating profit was 1.9 billion euros, lower than 2.0 billion euros a year ago, amid elevated natural catastrophe and weather losses. Total business volume rose 7.6 percent to 42.6 billion euros from 39.6 billion euros a year ago. Adjusted for foreign currency translation and consolidation effects, internal growth was 8.8 percent. The Property-Casualty segment was the main driver, but all business segments contributed positively. Property-Casualty segment's business volume increased 9.4 percent year-over-year to 19.3 billion euros. The company recorded growth of 12 percent in Retail, SME & Fleet, while Commercial lines advanced by 9 percent. Life/Health insurance's present value of new business premiums or PVNBP increased to 18.8 billion euros from last year's 17.7 billion euros, driven by higher volume in most entities. Asset Management's operating revenues increased 4.4 percent on constant currency basis. Total assets under management was 2.309 trillion euros at the end of the second quarter of 2024, up 12 billion euros from the end of the first quarter 2024. Third-party assets under management was 1.803 trillion euros as of June 30, 2024, up by 19 billion euros from the end of the first quarter 2024. On the XETRA, Allianz shares were trading at 251.90 euros, up 1.08 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.