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 ($1112.43 million) from the fallen value of its holdings in other financial companies such as banks and insurers.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.