Allianz Second-Quarter Profit Falls 16% on P&C Unit

Allianz SE, Europe’s biggest insurer by market value, said second-quarter profit fell 16 percent as the worst recession since World War II dragged on property and casualty earnings... Net income fell to 1.87 billion euros ($2.68 billion), or 4.13 euros a share, from 2.23 billion euros, or 4.90 euros, a year earlier, the Munich-based insurer said today. The year-ago figure represents net income from continuing operations following the sale of Dresdner Bank.

Allianz joins Aviva Plc, Hannover Re, Munich Re and Axa SA in reporting higher-than-estimated profit...

Bloomberger: Allianz Second-Quarter Profit Falls 16% on P&C Unit