Allianz sees profit after loss

Allianz, the insurer that joined forces with Dresdner Bank to become the world's fourth largest financial group has swung back into profit, according to latest results.

It has attributed this to improvements in operating performance, particularly at its Dresdner banking unit.

Net profit was €1.6bn in 2003, comparing to last year's loss of €1.2bn.

Profit before taxes was €2.52bn, compared with a pre-tax loss of €1.3bn in 2002.

The group reported gross premium income of €85bn - an increase of 2.8% - Allianz said it intends to pay an unchanged dividend of €1.50 per share for 2003.

Other businesses within the group include risk consulting and public investment funds.