Allianz German p/c division profits dip but they keep smiling

By Herbert Fromme, Munich

IT seemed a bit embarrassing. Allianz, one of the world‘s insurance industry leaders, last year in July announced that its German property and casualty division would achieve a pre-tax profit of E800m. Last week, it came out at E715m, and thus not only below its prediction- it was also 33.6% down on the 1999 figure of E1,076m and down on the E961m of 1998.