Allianz Sees 1Q Operating Profit At Around EUR1.3 Billion, -41%
April 29 2009 - 4:46AM
Dow Jones News
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