Allianz SE  (AZSEY)  posted a steep rise in second quarter earnings Friday and confirmed its full-year outlook after its PIMCO fixed income group drove record quarterly investment inflows that offset the impact of a weaker U.S. dollar. 

Europe's biggest insurance group said overall revenue for the three months ending in June rose 2% from the same period last year to €30 billion ($35.6 billion), the company said. Net income was marked 83.4% higher at €2 billion, Allianz said. Operating profit for the quarter rose 22.9% to €2.9 billion, Allianz said, as the group confirmed its full-year outlook for operating profit in the region of €10.8 billion, plus or minus €500 million. 

"We're half way through our three-year Renewal Agenda plan, and at this stage it is clear that those efforts are bearing fruit for all our stakeholders," said CEO Oliver Bate. "We had a very good half-year with double-digit growth in operating profit and net income. Our diversified portfolio across business segments and regions can clearly deliver outstanding results."

"The strong capitalization reinforces the resilience and flexibility of Allianz. We can now say that we expect operating result for 2017 near the upper end of the target range of 10.8 billion euros, plus or minus 500 million euros," he added.

PIMCO, the world's biggest bond fund, saw net inflows rise by €33 billion in the three months ending in June while overall third-party assets under management rose a record €52 billion for the quarter, the group said. 

"Record quarterly third-party net inflows of €55 billion euros, mainly at PIMCO, as well as positive market effects were largely offset by negative foreign currency impacts, mostly driven by the depreciation of the U.S. dollar against the euro," Allianz said.€ 

Allianz shares closed at €183.5 each in Frankfurt Thursday after falling 0.05% on the session and trimming their year-to-date gain to around 16.9.