FRANKFURT (dpa-AFX) - Shares in German insurers Allianz and Munich Re reacted positively to quarterly reports on Thursday. Hannover Re securities continued their good performance of the previous day after Wednesday's presentation of figures. All three stocks were among the biggest winners on the Dax. The European insurance sector also benefited from this: With an increase of 2.1 percent, its sub-index took the lead in the Stoxx 600 sector table.

Allianz shares rose 3.2 percent to 221.45 euros, their highest level since the beginning of May. The unexpectedly good operating result in the property and casualty business kept the insurer on track, praised analyst Kamran Hossain of U.S. bank JPMorgan. Thorsten Wenzel of DZ Bank highlighted the conservative annual forecast, the share buybacks and the dividend for 2023 and the associated high payout yield.

Munich Re's shares even reached their highest level since 2001 at 356.10 euros, most recently maintaining a 2.5 percent gain to 353.70 euros. The reinsurer is becoming somewhat more optimistic for 2023 despite a drop in profit in the past quarter. At first glance, the key data appeared weaker than expected, JPMorgan expert Hossain wrote. However, the details painted a more positive picture of earnings. Meanwhile, Philip Kett of analyst firm Jefferies highlighted the company's encouraging capital coverage ratio, which had benefited from lower capital requirements in property and casualty business.

Hannover Re shares, the top performer on the Dax, managed another four percent gain to 202.20 euros. The shares thus headed for their record high of 206.80 euros reached in the first week of June. On Wednesday, the shares had initially weakened after the interim report, but then closed significantly firmer. Berenberg expert Tryfonas Spyrou sees the company on track to meet its profit target for the current year. Hossain even believes that the Lower Saxons can exceed this target./gl/stw/mis