German insurer Allianz SE (AZ) expects a 41% decline in operating profit in the first quarter, pressured in part by charges related to its sale of Dresdner Bank, according to preliminary figures published by the company Wednesday.

Operating profit is expected to fall to around EUR1.3 billion in the first quarter from EUR2.2 billion a year earlier, on total revenue of EUR27.7 billion, up 2.6% from EUR27 billion the year before, the company said.

Allianz still expects costs of around EUR400 million in the first quarter related to the sale of Dresdner Bank

Allianz sold Dresdner Bank to Commerzbank last year for around EUR5.1 billion, with the closing in mid-January. Allianz has said the total burden related to the sale amounted to EUR6.8 billion of which EUR6.4 billion was booked in 2008, and the remaining EUR400 million in the first quarter.

Company Web site: www.allianz.com

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com