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Allianz expects Q1 profit to fall 41%

GERMAN insurer Allianz SE said yesterday that it expects a 41-percent drop in first quarter operating profit amid the difficult economic environment.

The Munich-based company said in a brief statement it expects to earn an operating profit of 1.3 billion euros (US$1.7 billion) in the January-March period.

Allianz said it expects charges in the quarter of around 400 million euros related to the divestment of Dresdner Bank.

Allianz said sales for the first quarter rose nearly 3 percent to 27.7 billion euros from 27 billion euros in the first quarter of 2008, but did not offer further details about its business during the first three months of 2009.

The insurer, which was due to hold its annual general meeting yesterday, is set to report full first quarter earnings on May 13.


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