Copyright: | (c) 2011 A.M. Best Company, Inc. |
Source: | A.M. Best Company, Inc. |
Wordcount: | 398 |
Investment impairments and exposure to Greek sovereign debt drove
Net profit for the quarter fell to
Allianz said impairments in equity investments rose by
Impaired investments were mainly excluded from tax considerations, driving the group’s tax rate in
“All market participants have to face the uncertainty and high volatility of the capital markets,” said Chief Financial Officer
Allianz added in the “Outlook” section of its third-quarter financial report that “although not part of our outlook, we recognize that our net income during the third quarter was heavily impacted by the effects of losses from investments in financial sector assets. As such, and although dependent on a number of factors, including market developments in the fourth quarter, we would expect the full year 2011 net income to be well below that of 2010.”
Operating profit for the life and health segment fell 20.6% to
“Premium volume grew in most major European markets or maintained at least last year’s level,” said Allianz. “In
On property and casualty side, operating profit fell 1% to
“Higher premiums in the U.S.,
The group’s asset management segment boosted its operating profit 3.1% to
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