Tough times for Allianz

German insurer Allianz has not had a good month. The company announced half-year figures for its German property/casualty company, one of the cornerstones of its business, and had to revise sharply downwards the earlier optimistic profit forecast for the full year 2000. At the same time, it is smarting from yet another failed banking merger which would have seen Allianz as a major winner.