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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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.