Allianz Reports Second Quarterly Profit | Business| Economy and finance news from a German perspective | DW | 14.11.2003
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Allianz Reports Second Quarterly Profit

Allianz AG, Europe’s largest insurer by premiums, reported a second straight quarterly profit on the back of rising prices for casualty and property insurance and falling damage claims. Third-quarter net income was reported at €372 million ($438 million), compared to a loss of €2.5 billion ($2.9 billion) one year ago. The profit came in just under analysts expectations. Allianz, like other large European insurers, is benefiting from rising prices of casualty and property coverage in the aftermath of the Sept. 11, 2001 terrorist attacks in the United States. Earnings might have been even higher for the Munich-based insurer, but losses at Dresdner Bank, which it bought for $20 billion two years ago, have weighed on profits. Allianz hired a former Deutsche Bank manager, Herbert Walter, in March to turn Dresdner around. Walter has said he plans to slash 4,700 additional jobs at Dresdner which would bring the total number of job cuts since May 2000 to 15,700.