socialmedian: Allianz swings to profit

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Allianz swings to profit

Source: Wall Street Journal

Nov 09, 2009

Summary

LONDON (MarketWatch) -- Insurer Allianz said Monday that it swung to a third-quarter net profit of 1.32 billion euros ($1.97 billion from a loss of 2.02 billion euros a year earlier. The group said total revenue for the quarter rose 4.3% to 22 billion euros. Excluding year-ago losses linked to the sales of its Dresdner Bank business, the group said profit from continuing operations rose to 1.32 billion euros from 545 million euros and was in line with the 1.33 billion euros expected by analysts polled by Dow Jones Newswires. The insurer said profit growth was driven by a stronger performance in life and health insurance and financial services, which was partly offset by lower profit from property and casualty insurance.

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