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Tough year for insurer Allianz
GERMAN insurer Allianz saw its profits tumble after a series of disasters decimated the insurance market during 2011.
Net income for the year was €2.8bn, compared to €5.2bn the year before, mainly due to a write-down in the value of Greek debt and record claims from earthquakes and storms. Revenue slipped slightly to €103.6bn.
“2011 was a tough year. But we maintained our stability throughout. That’s an extraordinary achievement,” said chief Michael Diekmann. “These results show the true strength of the Allianz business model.”