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Allianz Books Loss, Weighed Down by Dresdner

The Associated Press

FRANKFURT -- Insurer Allianz SE (AZ Quote) on Thursday reported a fourth-quarter loss of 3.1 billion euros (nearly $4 billion) and full-year results that were weighed down heavily by its recently sold banking unit, Dresdner Bank.

The fourth-quarter loss compared with a profit of 665 million euros a year earlier. The Munich-based company said its loss for the full year came in at 2.4 billion euros compared with a profit of 8 billion euros a year ago.

Discontinued operations -- including the results of Dresdner Bank and its sale to Commerzbank AG -- impacted Allianz's full-year earnings to the tune of 6.4 billion euros, the company said in a statement.

Revenue for the full year fell 5% to 93 billion euros.