Allianz 1Q net profit falls sharply to ¤29 million

2009-05-13 08:03:05 -

FRANKFURT (AP) - German insurance company Allianz SE said Wednesday its first quarter net profit fell sharply, largely as a result of the sale of its Dresdner Bank unit.
The Munich-based company said net profit in the January-March period was ¤29 million ($40 million) compared with a net profit of ¤1.15 billion in the first quarter of 2008.
Total revenues for the period were down 36 percent to ¤1.4 billion from ¤2.2 billion in the first quarter of 2008.
The company did not provide a detailed outlook for the current quarter or full year, but said it saw the first signs of recovery in its life and health insurance business during the first quarter.
«Allianz continues to cope successfully with the impact of the ongoing financial markets crisis on our business,» said Helmut Perlet, the chief financial officer of Allianz in the company's report.
«We are strongly capitalized, our investment portfolio is of high quality and liquid, and our operating profitability proves resilient.