Munich, Aug 14: Allianz, the German insurance giant, said today it returned to profit in the second quarter of the current year after four consecutive quarters of losses, on the back of improved performance at its troubled banking arm Dresdner Bank. Allianz said in a statement it booked net profit of 622 million Euros (703 million dollars) in the period from April to June, compared with a net loss of 356 million Euros a year earlier.
The new profit figure was way ahead of analysts' expectations.
And taking the first six months as a whole, Allianz turned in a net profit of 102 million Euros, compared with a loss of 1.575 billion Euros in the corresponding period a year earlier.
Allianz said first-half premium income amounted to 49.548 billion Euros, compared with 42.140 billion Euros in the period from January to June 2002.
Bureau Report