Allianz suffers from heavy losses at Dresdner Bank

08/7/2008 | Financial Times (free content)

As Dresdner Bank continues to struggle, the heavy losses are hitting Allianz, forcing Europe's largest insurance group to abandon its growth forecasts and reveal a huge fall in quarterly profits. "Our long-term operating profit growth target ... cannot be maintained," Allianz said. The group's second-quarter operating profits dropped 36%. The largest hit came from Dresdner, which Allianz is attempting to sell.

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