(Bloomberg) -- Allianz SE, Europe’s biggest insurer, saidthird-quarter profit dropped 15% as earnings at its property andcasualty and asset management units declined.
Net income fell to 1.36 billion euros ($1.48 billion) from 1.61billion euros a year earlier, the Munich-based company said in astatement on Friday. That missed the 1.52 billion-euro average ofnine analyst estimates compiled by Bloomberg.
European insurers are generating less revenue amid pricingpressure and low interest rates while claims from naturalcatastrophes and over the mid-August explosions in the Chinese cityof Tianjin have dented earnings across the industry. The Germancompany’s two investment businesses have also seen upheaval afterthe departure of Bill Gross from the company’s Pimco unit inSeptember last year and a change at the top of the Allianz GlobalInvestors unit last month.
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