FRANKFURT, Aug 8 (Reuters) - Germany's Allianz on Thursday posted a better-than-expected 7.5% rise in second-quarter net profit and said it was on track to meet its full-year target.

The insurer said that strength at its property and casualty business balanced out claims resulting from natural catastrophes.

The financial services firm, one of Europe's largest and operator of the giant PIMCO brand, said that third-party assets under management rose to the highest level since the first quarter of 2022.

Net profit attributable to shareholders of 2.513 billion euros ($2.75 billion) in the three months through June compares with profit of 2.337 billion euros a year earlier. The figure surpassed a 2.367 billion euro consensus forecast.

Allianz confirmed its aim of 2024 operating profit of between 13.8 billion euros and 15.8 billion euros.

Late on Wednesday, Allianz said it was expanding a share buyback program this year to 1.5 billion euros, up from an original 1 billion euros.

($1 = 0.9148 euros)

(Reporting by Tom Sims and Alexander Huebner, Editing by Rachel More, Kirsti Knolle)