Allianz's merger with Italian insurer Riunione Adriatica di Sicurta is expected to boost net profit at the enlarged group by a third over the next three years, the German insurer said today.

Allianz owned 55% of Riunione Adriatica di Sicurta before making its initial offer in September to acquire the rest of the shares, which were valued at €5.7bn ($6.8bn).