Allianz Q2 net falls by half, hit by claims, unit sale

August 5, 2016 5:27 AM

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FRANKFURT Aug 5 German insurer Allianz reported a larger-than-expected 46 percent drop in net profit in the second quarter, hit by higher damage claims, weak asset management performance and a writedown on the sale its South Korean business.

Quarterly net profit was 1.1 billion euros ($1.22 billion), compared with an average forecast of 1.53 billion euros in a Reuters poll of banks and brokerages.

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