FRANKFURT, Germany (AP) — German insurer Allianz SE saw third quarter profits sag to €258 million ($350 million) from €1.27 billion ($1.73 billion) the year before because of investment losses and Greek bond writedowns from Europe's debt crisis.
The company's result was well short of the €766 million predicted by analysts surveyed by FactSet. Revenue fell 1.8 percent to €24.07 billion.
Munich-based Allianz said Friday it lost €122 million from writing down Greek bonds, and €817 million ($1.11 billion) from the fallen value of its holdings in other financial companies such as banks and insurers.
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