German insurance and asset management company Allianz said its net profit rose 23% in the second quarter as its life insurance business did well.

Net profit rose to €1.32 billion from €1.07 billion the same quarter a year ago. Revenue rose 2.5% to £25.2 billion.

The company's earnings also bounced back from losses on Greek government bonds of €326m recorded in the year earlier quarter.

Greek bonds lost much of their value due to the country's financial crisis.

Earnings at the life and health insurance business more than doubled, jumping to €506m from €214m a year ago.

The company said that premium income was doing well even in countries that have been hit by Europe's economic and financial crisis such as Spain and Italy.