Greek exposure hits Allianz Q3 profits
Impairments of €931m from investments including Greek sovereign debt slashed Allianz’s profits for the third quarter, but the insurer said it is still on course to achieve profits of €8.0bn for 2011.
Quarterly net income stood at €258m, compared to €1.3bn in the third quarter of 2010. The reduction was attributed in large part to the firm's €931m in non-operating impairments from investments in
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