Europe's largest insurer said quarterly operating profit rose to 2.86 billion euros (2 billion pounds) from 2.72 billion in the year-earlier quarter.

"We remain confident in achieving our full-year operating profit target of 10.4 billion euros, plus or minus 400 million euros," said Allianz Chief Executive Michael Diekmann in a statement ahead of the annual meeting of shareholders.

Net income rose to 1.82 billion euros from 1.64 billion in the year-earlier quarter.

(Reporting by Jonathan Gould; editing by Thomas Atkins)