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Loss creep from the 2011 Thai floods dragged on Allianz's P&C book at the second quarter although its life, health and asset management units all performed strongly.

Allianz added EUR120mn to its reserves for the Thailand loss during the quarter, following (re)insurers such as Lancashire and Scor that have also risen their loss estimates for the event in the second quarter.

Although Allianz still had positive reserve releases over its entire portfolio worth 2.1 percent of net earned premium, this...

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