Cat losses weigh on P&C profits at Allianz

Operating profit at Allianz's P&C division fell by 37
percent to EUR1.1bn ($1.2bn) in Q2 2016, due to a strong increase
in natural catastrophe claims.
The combined ratio deteriorated by 2.9 points to 96.4 percent
for the quarter, with the loss ratio deteriorating by 2.3 points to
68.1 percent, and the expense ratio 0.6 points weaker at 28.4
percent. Reserve releases contributed 6.5 points to the combined
ratio.
Natural catastrophes contributed 4.4 points to the loss ratio,
compared with just