Germany’s largest life insurer, the Allianz Group, is planning to drastically reducing its profit sharing rate. According to a report in the mass-circulation Bild newspaper, profit distribution this year will fall to around 5.5 percent, compared to previous levels of 7.5 and 6.8 percent. Some seven million people insured through Allianz will be affected. The Munich-based insurer did confirm plans to lower profit distribution levels, but would not specify exact numbers. The group had earlier announced the general slowdown in the financial markets made it impossible to maintain its previous 6.8 percent payout rate. Still, the reduction keeps Allianz slightly over the industry average, which is expected to fall about one percentage point in 2003 to five percent.