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Allianz profits plummet amid more Dresdner pain

GERMAN financial services group Allianz announced a 97 per cent net profit decline, as aftershocks from its disastrous ownership of Dresdner Bank continued to erode gains.<br /><br />Chief financial officer at the firm Helmut Perlet said net income was just &euro;29m (&pound;26m) in the quarter, compared with&nbsp;&euro;1.2bn (&pound;1.07bn) in the same quarter a year ago, thanks in part to a&nbsp;&euro;395m (&pound;355m) charge resulting from the sale of battered Dresdner to Commerzbank.<br /><br />Perlet said net income from continuing operations at the group &ndash; excluding Dresdner &ndash; was higher at&nbsp;&euro;424m (&pound;381m) and the group sees the &ldquo;first signs of recovery&rdquo; in the vital life and health insurance areas.<br /><br />Dresdner will continue to weigh on the group&rsquo;s profits since it owns a large stake in new owner Commerzbank.