Bloomberg—Allianz SE and Axa SA, Europe’s biggest insurers, reported profit that beat analysts’ estimates, helped by higher earnings at their life and health businesses.

Net income at Munich-based Allianz rose 23 percent to 1.23 billion euros ($1.5 billion) in the second quarter, beating the 1.15 billion-euro average estimate of 13 analysts surveyed by Bloomberg. First-half net income at Paris-based Axa fell a smaller-than-estimated 36 percent after year-earlier gains from asset sales weren’t repeated.

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