FRANKFURT: German insurance giant Allianz on Friday reported record results for 2022, as higher prices for policies helped offset a weaker performance in its asset management unit.

Net profit came in at 6.7 billion euros ($7.1 billion), it said, up two percent on a year earlier.

The group’s underlying, or operating, profit jumped by nearly six percent to a record 14.2 billion euros.

Revenues also hit a new record in 2022, climbing by 2.8 percent to 152.7 billion euros.

The company said higher volumes and prices for policies had boosted earnings at its flagship property and casualty division, while the life-health unit benefitted from business growth in Asia and the acquisition of Aviva’s operations in Poland.

The company’s asset management arm, however, posted a weaker performance.

The unit is still reeling from legal troubles in the United States, where investors filed a complaint in 2021 over heavy losses suffered during the pandemic.

Allianz agreed to a six-billion-euro settlement last May to end the dispute.

The assets that Allianz manages on behalf of third parties fell by 331 billion euros in 2022, to 1.6 trillion euros, the group said, citing “unfavourable market impacts”.

Looking ahead, Allianz expects operating profits to remain stable at 14.2 billion euros in 2023, “plus or minus one billion euros”.

Allianz’s results were in stark contrast to those of Zurich-based rival Swiss Re, whose net profit of 443 million euros was down 67 percent on the year before.

The reinsurance giant blamed claims for natural disasters in 2022, including from Hurricane Ian in the United States, floods in Australia and storms in Europe.

The total bill amounted to 2.7 billion euros, which Swiss Re said was “above expectations”.