Allianz SE (AZ) could still reach a combined ratio of 97% for the full year, Chief Financial Officer Helmut Perlet said Friday.

In the second quarter, the combined ratio, a measure of operational performance, rose to 98.9% from 93.5% a year ago, reflecting higher recession-related claims such as in credit insurance, but also a higher number of disaster claims such as in France and from an earthquake in Italy.

The combined ratio was 98.8% for the first six months, up from 94.5% a year earlier.

A combined ratio compares revenues and costs; a figure below 100% means an insurer's underwriting business is profitable, when stripping off the investment result.

Company Web site: www.allianz.com

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com