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Topics News & Markets

Insurer Allianz Q4 profits sag on Greek writedown costs

By The Associated Press | February 23, 2012

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FRANKFURT - Losses incurred from Greek bond holdings saw 2011 profits at German insurer Allianz SE slide sharply.

The company said Thursday that its full-year net profit fell by 46 per cent to €2.55 billion from €5.2 billion in 2010. It said writedowns on Greek government bonds and other investments there cost it €1.9 billion.

Greek bonds have fallen steeply due to the country's debt crisis; the country has worked out a deal for creditors to take losses on their investments of 70 per cent or more. Allianz said it had written down the value of Greek bonds on its books to around a quarter of their value.

In the fourth quarter, the company's profit more than halved to €492 million ($654 million) from €1.14 billion in the same quarter the year before. Analysts had expected a more modest decline to €882.7 million.

Allianz also reported that its fourth-quarter revenue slipped 3.7 per cent to €25.0 billion.

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