The Allianz Group had to accept a loss of 924 million euros during the first nine months. While a net income of 1.6 billion euros was achieved during the first six months, a loss of 2.5 billion euros was incurred during the third quarter in what was a very difficult market environment.
This is principally due to an accumulation of extraordinary effects. These include primarily impairments on investments in the third quarter, provisions for asbestos and environmental claims at the US-American subsidiary Fireman´s Fund, the flood catastrophe in Europe, the collapse of the capital markets, and ongoing high loan loss provisions at Dresdner Bank. Additional capital gains from the sale of shareholdings were not realized during the third quarter to improve earnings.
Operating business improved significantly in most business areas during the first nine months. Total premium income in insurance business rose worldwide by 11.9 percent to 61.5 billion euros. The combined ratio adjusted for flooding and asbestos improved to 101.5 percent. Net cash inflows in asset management were 43 billion euros adjusted for currency differences.
In the third quarter Dresdner Bank contributed to a loss of 972 million euros to the result of the Allianz Group.
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(source: Allianz AG)