Allianz 1Q Net Falls; No Concrete 09 Guidance

Allianz SE (AZ) Wednesday reported sharply lower first-quarter net profit, pressured by write-downs on financial investments, claims costs and a charge related to its sale of Dresdner Bank.

Europe's largest primary insurer by market capitalization gave no concrete earnings target for 2009, saying that the environment for financial services companies will remain "challenging" and couldn't rule out further impairments or credit defaults on corporate bonds...

WSJ: Allianz 1Q Net Falls; No Concrete 09 Guidance (Subscription required)