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