Allianz 4Q Net Drops To $650.92M

FRANKFURT, Germany — German insurer Allianz says its net income fell by more than half to (EURO)492 million ($650.92 million) in the fourth quarter, missing analyst estimates.

The company made (EURO)1.14 billion in the same quarter a year ago. Analysts expected (EURO)882.7 million this time.

The company reported Thursday that losses on Greek bonds reduced profit for the full year by 46 percent to (EURO)2.55 billion from (EURO)5.2 billion in 2010. It said writedowns on Greek government bonds and other investments there cost it (EURO)1.9 billion.

Greek bonds have fallen steeply due to the country's debt crisis; the country has worked out a deal for creditors to take losses on their investments of 70 percent or more.