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Allianz says profits up by nearly sevenfold in previous quarter

AFP
November 10, 2012, 12:04 am TWN

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FRANKFURT -- German insurance giant Allianz said Friday that net profit soared nearly sevenfold in the third quarter, as year-earlier figures had been hit by heavy write-downs on its holdings of Greek bonds.

On the back of the strong performance, Allianz upheld its full-year forecast for operating profit of more than 9 billion euros (US$11.5 billion).

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