Allianz Group reported a 65 percent decline in net income in the first quarter of this year due mainly to markdowns related to asset-backed securities stemming from the credit crisis.

The company reported a net income of EUR1.1 billion (U.S. $1.7 billion at current exchange rate) for the quarter compared to EUR3.2 billion ($5 billion) in 2007.

For its property-casualty business, Allianz reported that gross written premiums dropped 3 percent, from EUR14.1 ($21.8 billion) in the first quarter of 2007 to EUR13.7 ($21.2 billion) for the first quarter of 2008.

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