Profit at German insurer Allianz plunges: company

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The German insurance giant Allianz said on Friday that its second-quarter net profit plunged by 45.6 percent from the same period a year earlier to 1.02 billion euros (1.34 billion dollars).

The quarter rounded out a first half that was "marked by exceptionally high natural catastrophe losses," a statement quoted chief executive Michael Diekmann as saying.

Allianz's operating profit gained 22.7 percent however to 2.19 billion euros, while sales were 14.5 percent higher at 25.4 billion euros, it added.

© 2010 AFP

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