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Insurer Allianz SE on Thursday reported a euro3.1 billion ($4 billion) fourth quarter loss, citing heavy costs related to its recently sold banking unit Dresdner Bank.
Insurer Allianz SE said Friday the company will launch a new internal consulting division to better assess the current financial crisis.
Insurer Allianz SE reported a 2 billion euro loss Friday after it said that the value of its investments declined and it wrote off the value of its Dresdner Bank unit before its planned sale to Commerzbank.
Insurer Allianz SE says it expects more write-downs in the first quarter of 2008 amid ongoing turbulence on international financial markets.
Insurer Allianz SE said Thursday fourth-quarter profit slipped by nearly 52 percent from a year ago, dragged down by a drop in its banking business along with lower contributions from its insurance operations.
Insurer Allianz SE said Thursday fourth-quarter profit slipped by nearly 52 percent from a year ago, dragged down by its banking business and lower contributions from its insurance operations.
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