Two of the biggest insurers globally, Allianz SE (ADR)(OTCMKTS:AZSEY) (ETR:ALV) and Axa SA (ADR)(OTCMKTS:AXAHY) (EPA:CS), posted their results of Friday, while Allianz SE posted higher earnings, Axa reported a fall in profits. Discussed below are the earnings of the two firms:Allianz

Allianz reiterated full year forecasts

Allianz SE (ADR)(OTCMKTS:AZSEY) (ETR:ALV) posted higher earnings for the second quarter despite adverse macro environment like; low interest rates, volatile markets and record floods in Central Europe. The German insurer reiterated its full year forecasts.

Net income for the quarter rose 26.8 percent to 1.59 billion euros ($2.1 billion) from 1.252 billion euros in the previous year. Revenue came in at 26.8 billion euros, an increase of 6.3 percent from 25.2 billion euros in the prior year. Operating profit jumped 5.2 percent to 2.4 billion euros. During the quarter, Allianz reported lower impairments and higher realized gains.

Michael Diekmann, CEO, said, “We can look back on a very successful first half year overall.”

Revenues from Property and Casualty insurance segment were up marginally by 0.8 percent to 10.8 billion euros due to strong performance in markets like Australia, Latin America and Turkey. Life and Health insurance segment’s revenues were up almost 10 percent to 14.1 billion euros, but operating profit was down over 18 percent. Revenues from Asset Management gained 21.2 percent to 1.8 billion euros while operating profit was up nearly 40 percent.

Satisfied with the half-year results, Allianz SE (ADR)(OTCMKTS:AZSEY) (ETR:ALV) reiterated full year operating profit guidance of 9.2 billion euros (+-500 million euros). The company expects the results to be in the upper end of the range.

In Frankfurt, Allianz’ stocks closed at 11.69 euros.

Axa profits fall but revenues gained

Axa SA (ADR)(OTCMKTS:AXAHY) (EPA:CS) posted a 3 percent fall in the profit for the first half of the year. Revenues for the French firm saw decent growth despite the negative impact of interest rates and Forex hedging derivatives.

Net income for the company came in at 2.47 billion euros versus 2.54 billion euros from the same period last year. For the period, revenues were up 3.4 percent to 50.04 billion euros, from 48.41 billion euros, backed by impressive performance from all segments.

Henri de Castries, Chairman and CEO of Axa, said, “Going forward, we will continue to accelerate digital investments, whilst maintaining efficiency discipline.”

Revenues from Life & Savings division were up 3 percent to 29.6 billion euros. The segment recorded growth in both mature and high growth markets. Revenues from Property & Casualty segment increased 2 percent to 16.5 billion euros owing to 3 percent rise in tariff increases on average, and higher volumes in high growth markets. Personal revenue was up 1 percent while commercial was up 4 percent. Axa’s Asset Management revenues jumped 11 percent benefiting from increased management fee, higher distribution and research fees at AllianceBernstein and higher Real Estate transaction fees and performance fees at AXA IM.

In Paris, Axa SA (ADR)(OTCMKTS:AXAHY) (EPA:CS)’s shares closed 1 percent up at 16.76 euros