By Ulrike Dauer
Of DOW JONES NEWSWIRES
FRANKFURT -(Dow Jones)- Allianz SE (AZ), Europe's largest insurer, late Friday reported a net loss of EUR2.02 billion for the third quarter, including a EUR1.2 billion net loss contribution from its Dresdner Bank arm, which posted its fifth consecutive quarterly loss on a widening of the financial crisis.
Allianz also cast substantial doubt on its reaching operating profit targets for 2008 and 2009.
Excluding the banking operations, Allianz reported a quarterly net profit of EUR545 million on continued operations.
Allianz is selling Dresdner Bank to Commerzbank AG (CBK.XE) for around EUR9.8 billion, in a two-step transaction announced Aug. 31. The EUR9.8 billion includes up to EUR975 million for Dresdner ABS assets that are being put in a trust. Following the transaction, Allianz will become Commerzbank's largest shareholder, with a stake of almost 30% in the merged bank.
The quarterly net loss on continued and discontinued operations was below the average forecast of a EUR3.61 billion loss by a Dow Jones Newswires poll of 10 analysts.
Quarterly net profit on continued operations was below the average forecast of a EUR650 million profit.
Total revenue was down 3.8% at EUR21.1 billion from EUR21.9 billion and below the forecast EUR21.4 billion.
Operating profit on continued operations fell 39% to EUR1.56 billion from EUR2.56 billion, below the forecast EUR1.81 billion.
"Without a major equity market recovery, the operating profit outlook of EUR9 billion before banking for this year and next year cannot be reached," said Chief Financial Officer Helmut Perlet. "In this environment, reliable statements about future earnings are not possible."
Allianz shares closed up EUR3.68, or 6%, at EUR65.55 Friday, outperforming the wider market, which closed up 2.6%. The shares have fallen around 54% this year, valuing the company around EUR28 billion. They also underperformed the DJ Stoxx 600 Insurance Index.
Company Web site: www.allianz.com
-By Ulrike Dauer, Dow Jones Newswires; +49-69-29725-500; ulrike.dauer@dowjones.com
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(END) Dow Jones Newswires
November 07, 2008 17:37 ET (22:37 GMT)

Publié le 07 novembre 2008 Copyright © 2008 Dowjones