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Saturday, November 12, 2005 

Allianz posts 39 percent increase in Q3 pre-tax profits

Allianz AG, Europe's biggest insurer has announced an increase of 39 percent in the third-quarter pre-tax profits to €1.66 billion. This is in line with expectations even though the company was hard hit by the twin hurricanes in the United States Gulf Coast region, which cost it an estimated €753 million.

Net profits soared by 70 percent to €794 million in the three months ending September. However, this figure ended up short by about €60 million on what was expected. Pre-tax profits in Allianz' property and casualty insurance took a hit of 9 percent and fell to €866 million mainly because of the Hurricanes Katrina and Rita.

However these were compensated in a large measure by the increase in the profits in its banks especially its subsidiary Dresdner Bank where profits were up from €13 million to €223 million in the third quarter. Allianz Management board member Helmut Perlet was confident that the company would meet its full-year expectations and post a profit of 10 percent. Click Here