ALIZF Allianz Ag Muenchen Namen (PK)

Allianz SE (ALV.XE), Europe's largest primary insurer by market capitalization, Monday said third-quarter net profit more than doubled on investment gains, and as improvements in life/health insurance and financial services more than offset lower contributions from property/casualty insurance.

The figures reflect Allianz's improved earnings power in its core operations following the sale of loss-making Dresdner Bank.

The company gave no concrete earnings target for 2009 or beyond. But it is well capitalized and prepared for delivering solid earnings even in the "challenging market environment with structurally lower returns" ahead, due to its high-quality investment portfolio and conservative risk management approach, said Chief Financial Officer Oliver Baete who took the position Sept. 1.

It also said it accrued a dividend equivalent of EUR1.4 billion for the first nine months.

Third-quarter net profit rose to EUR1.32 billion from EUR545 million in the year-earlier quarter, roughly in line with the EUR1.33 billion average forecast in a Dow Jones Newswires poll of 15 analysts.

The year-earlier figure has been restated to reflect continuing operations only, after Allianz sold Dresdner Bank to Commerzbank AG (CBK.XE) for around EUR5.1 billion in the first quarter.

Total revenue, which includes sales generated by the insurance and asset management operations and a small banking business in Germany, rose 4.3% to EUR22 billion from EUR21.1 billion a year earlier, above a forecast of EUR21.86 billion.

Allianz shares closed up EUR0.54, or 0.7%, at EUR79.31 Friday, outperforming the wider market, which ended up 0.1%. The shares have gained 28% over the past 12 months, bringing the company's current market value to around EUR36 billion. It has underperformed the Stoxx Europe 600 insurance index in the period.

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com

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