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Allianz Profit Takes a Hit on Greek Debt

Posted on 05 Aug 2011

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Insurer Allianz missed expectations with a 8.2 per cent drop in net profit in the second quarter, hurt by a writedown on Greek government debt.

Quarterly net profit after minorities was €1 billion, the insurer reported today, missing the average of 10 forecasts in a Reuters poll of banks and brokerages for a 23 per cent rise to €1.34 billion.

Allianz took a €326 million writedown on holdings of Greek government debt in the quarter.

Allianz reconfirmed its full-year operating profit target of €8 billion, plus or minus €500 million, after posting above-expected operating profit of €2.3 billion in the second quarter.