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Business

Allianz Deep in the Red

German insurance giant Allianz has announced a third-quarter net loss of €2.5 billion euros ($2.51 billion). The company said its investment losses totalled almost 2 billion euros and that it had made provisions for asbestos and environmental claims in the United States. Allianz chairman Henning Schulte-Noelle said this summer's floods in Europe, the collapse of capital markets and extraordinary provisions for bad loans also played a significant role. He said the company is considering two bond issues to strengthen capital resources.