Insurance company Allianz has said that its net profit nearly doubled during the previous year as the company losses in Greece no longer affected its profits. The net profit of the company increased to _5.49 billion or $7.34 billion during 2012 compared to _2.80 billion recorded in the previous year.

The company said that its revenues increased 2.7 per cent to _106.4 billion during the year. The company's earnings in the fourth quarter increased to _1.29 billion compared to _560 million recorded in the same quarter of the previous year. Allianz had to write off losses linked to Greek bonds in 2011 as the value of the bonds fell sharply due to the country's sovereign debt crisis.

Greece has since entered into a new agreement with its lenders and has paid them lesser than what the lenders had to get from the country. The settlement reached resulted in partial losses but brought clarity in the financial situation for the lenders to the country. The Munich-based Insurance giant said on Thursday that the company's insurance business improved and it was able to reduce tis losses during the year.

The company also recorded higher premiums in Germany, Australia and Latin American markets.