Insurance group Allianz has proposed an unchanged dividend after fourth-quarter earnings missed estimates on Greek debt writedowns and natural disaster losses.

Insurer Allianz SE says net profit slipped 7.4% in the second quarter as the company took a loss of €326m on its holdings of Greek bonds.

EUROPE’S plan for a new bailout of Greece may buy the country only several more months’ breathing space before it again has to confront the prospect of default or a radical restructuring of its debt.