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Friday November 12, 08:08
Allianz's third-quarter net profit declined 8%
(by Peter Van Bruggen)

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Allianz's third-quarter net profit declined 8% German insurer and banking giant Allianz AG said today third-quarter net profit declined 8%. The insurance and banking group’s net profit fell to €539 million euro, from €586 million euro a year earlier. Analysts expected €441 million euro net profit. Operating profit rose to €1.87 billion euro from €939 million euro. For the first nine months of the year, net profit more than doubled to €1.828 billion euro from €732 million euro. Assets under management rose 7.5% to 1.070 trillion euros as of Sept. 30 compared to year-end 2003.
"It is based on strong growth in the life and health insurance business and in asset management, selective growth in property and casualty insurance, and further stabilization of operating revenues at Dresdner Bank," Allianz’s officials said.

Also the company raised its full-year outlook for premium income in its insurance business and is anticipating the Dresdner Bank subsidiary to breakeven this year after restructuring expenses.

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Read the related news and articles:
23 Nov 2004 11:06 AM Allianz will sell DrKW only to a partner who will give a "strategic advantage"
 


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