NU Online News Service, Nov. 10, 3:43 p.m. EST

Munich-based insurance giant Allianz Group said 2010 third quarter net income dropped 8.8 percent to EUR1.3 billion ($1.8 billion at current exchange rate) due to a higher tax expense.

Allianz said revenues in the quarter increased 11.4 percent compared to the 2009 third quarter to EUR24.5 billion ($33.6 billion).

For the first nine months of 2010, Allianz said net income is up 25 percent to EUR4 billion ($5.5 billion) compared to EUR3.2 billion ($4.4 billion) a year ago.

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