Allianz Sees Break-Even On Net Level In 1Q
April 29 2009 - 5:48AM
Dow Jones News
Allianz SE (AZ) expects to "break even" on a net level in the
first quarter, Chief Executive Michael Diekmann told shareholders
Wednesday.
Notably write-downs on financial investments and the announced
EUR400 million burden related to the sale of Dresdner Bank AG are
weighing on the first-quarter result, Diekmann said.
A comparable net profit figure for the first quarter of 2008
wasn't immediately available. Allianz's 2008 figures have been
restated to reflect the sale of Dresdner Bank in discontinued
operations. The sale to Commerzbank AG (CBK.XE) was completed in
January.
Allianz will report all first-quarter earnings May 13.
Earlier Wednesday, Allianz, which is Europe's largest primary
insurer by market capitalization, said it expects a 41% decline in
operating profit in the first quarter, according to preliminary
figures.
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 EUR27.0 billion a year
ago.
Company Web site: www.allianz.com
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com