Allianz Profit Rises 21% as Insurance Gains Cushion Bank Losses

Discussion in 'Stocks' started by ASusilovic, Nov 9, 2007.

  1. Nov. 9 (Bloomberg) -- Allianz SE, Europe's biggest insurer, reported a 21 percent increase in third-quarter profit, beating analysts' estimates, as earnings from its property and casualty unit cushioned losses at its Dresdner Bank unit.

    Net income rose to 1.92 billion euros ($2.83 billion) from 1.59 billion euros a year earlier, Munich-based Allianz said today in an e-mailed statement. That beat the 1.45 billion-euro median estimate of 18 analysts surveyed by Bloomberg.

    ``Dresdner has been a millstone around Allianz's neck ever since they bought it,'' said Philipp Musil, who helps oversee about $30 billion, including Allianz shares, at Constantia Privatbank in Vienna. ``Still, Allianz's insurance business is more profitable on an operating level than most of its peers.''

    Allianz reported a 52 million-euro loss at its Dresdner unit. Financial companies including American International Group Inc., the world's biggest insurer, had more than $30 billion of writedowns in the quarter after record foreclosures on U.S. home loans to borrowers with poor credit histories roiled debt markets.

    Sorry, to disturb you AAPL, RIMM, GOOG, BIDU admirers...Just want to remind you that there is also a European market...:D
  2. Allianz? Allianz!? It's boring, how you say........"das sleepy". Germany needs to reestablish its version of the Nasdaq that it had circa 1999 & 2000 before the tech meltdown. Then Europe can get swept up in Goog-fever like the rest of the world.