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Allianz AG's Third-Quarter Net Loss Underscores Negative Outlook Nov 02
Standard & Poors, Nov 2002
Abstract
FRANKFURT (Standard & Poor's) Nov. 14, 2002--Standard & Poor's Ratings Services said today that the Munich-based insurance group Allianz AG's (AA/Negative/A-1+) profitability, which is currently under severe pressure, underscores concerns about several challenges that Allianz faces. The insurer needs to address the effects of continued weak capital markets; restructure and improve earnings at subsidiary Dresdner Bank AG (A+/Negative/A-1); and restore the profitability of the property casualty business at some of its major foreign subsidiaries in the U.S. and France, as well as in its global industrial business. Allianz reported an overall net loss of -924 million in the first nine months of 2002, following a third-quarter loss of -2.5 billion. This result is mainly attributable to exceptional items of about...
Companies mentioned in this report are: Allianz SE,Dresdner Bank AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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