Life insurance keeps profit buoyant

Tue, 14 Aug 2007

The biggest insurer in Europe, Allianz group, beat all profit forecasts with a net of 2.140 billion euros in the second quarter. Although the result is down 6 per cent on last year, strong life insurance and banking have kept the financial services group ahead of average forecasts.

The chief executive of the insurance company, Michael Diekmann, reportedly commented: "The good results from the first half year provide an excellent platform for attaining our goals in 2007-2009. We are expecting net income of around 8 billion euros for the year 2007."

The fallout from the collapsing US sub-prime mortgage market is affecting Allianz to some extent, with slight value off the share price. Investors are understandably cautious about credit risk.
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