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. The life-health unit meanwhile had benefitted from business growth in Asia and the acquisition of Aviva’s operations in Poland.