- Oil Next Week: What Traders Will Be Watching
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Oil Next Week: What Traders Will Be Watching
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
MOST SHARED
- Seeking Innovation in Health Care
- Driving Health Care Innovation
- Next Week’s Top IPO
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Herbalife Vs. Hedge Funds
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Israel: Leader of Business Innovation
- Warren Buffett and Bill Gates: Keeping America Great
- Burned by Yahoo!, Disney and More
- Novo Nordisk CEO on Diabetes Epidemic
Text Size 
Europe's biggest insurer Allianz unveiled writedowns from the global financial crisis of 900 million euros ($1.4 billion) in the first quarter and said the turmoil could endanger its medium-term goals.
The markdowns stemming the insurer's embattled Dresdner Bank are more than double those announced by Allianz finance chief Helmut Perlet at the beginning of the year.
The latest writedowns bring Dresdner Bank's overall bill from the global market turmoil to about 2.5 billion.
Allianz said its medium-term targets, while still feasible, would become harder to reach the longer the financial crisis lasts.
The insurer has said it aims to increase operating profit by an average 10 percent in 2008 and 2009.
In February, it reported record net profit of nearly 8 billion euros for 2007.
The Munich-based group said its net profit in the first three months of the year came to about 1.1 billion euros, and its operating profit to 1.8 billion.
Allianz is now planning to break up Dresdner Bank in a move that would pave the way for a sale of investment banking laggard Dresdner Kleinwort, which is partly behind the problems that resulted in the writedowns.
Allianz shares, which have lost nearly 12 percent since the start of the year, were seen opening about 1 percent lower in Frankfurt.
"The higher-than-expected writedowns at Dresdner Bank and the uncertainties over the outlook will weigh on the share," said Heino Ruland, market analyst at FrankfurtFinanz.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes