Allianz net profit down as asset management, insurance hit

November 6, 2015 6:21 AM

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FRANKFURTGerman insurer Allianz SE posted a larger than expected 15 percent decline in net profit in the third quarter, hit by outflows in asset management and declines in insurance.

Quarterly net profit was 1.4 billion euros ($1.5 billion), which was below the lowest forecast of 1.44 billion in a Reuters poll of banks and brokerages. Analysts on average had forecasted a decline to 1.5 billion euros, from 1.6 billion in the year-earlier quarter.

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