In a preliminary earnings announcement Germany’s Allianz SE said it expects net income for 2007 to be around €8 billion ($11.7886 billion) and operating profits of more than €10.8 billion ($15.9 billion), confirming the Group’s earlier forecasts.
Allianz will officially announced its 2007 results for the fiscal year 2007 on February 21, 2008.
Allianz P/C operating profit, which includes U.S.-based subsidiary Fireman’s Fund, amounted to more than €6.2 billion ($9.13 billion) in 2007. During the same period, the life and health business achieved an operating profit of almost €3 billion ($4.42 billion).
In Allianz’ banking segment – primarily its Dresdner Bank subsidiary – the operating results for the fourth quarter produced a negative figure of around €450 million ($663 million). “Largely due,” Allianz said, “to valuation adjustments on structured products [i.e. subprime loan securitizations] in the trading book of around €900 million [$1.326 billion].” However the sector is still expected to have an operating profit for the year of around €750 million ($1.105 billion).
Allianz Asset Management business achieved an operating profit of more than €1.3 billion ($1.91 billion).
Source: Allianz – www.allianz.com
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