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Updated Saturday, November 12, 2011 0:31 am TWN, AP

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Insurer Allianz net profits drop to US$350 mil. on investment losses

FRANKFURT -- German insurer Allianz SE saw third quarter profits sag to 258 million euros (US$350 million) from 1.27 billion euros (US$1.73 billion) the year before because of investment losses and Greek bond write-downs from Europe's debt crisis. The company's result was well short of the 766 million euros predicted by analysts surveyed by FactSet. Revenue fell 1.8 percent to 24.07 billion euros.

Munich-based Allianz said Friday it lost 122 million euros from writing down Greek bonds, and 817 million euros (US$1112.43 million) from the fallen value of its holdings in other financial companies such as banks and insurers.

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