Arab Today, arab today allianz issues profit warning after japanese quake
Last Updated : GMT 13:41:06
Arab Today, arab today
Arab Today, arab today

Allianz issues profit warning after Japanese quake

Arab Today, arab today

Arab Today, arab today Allianz issues profit warning after Japanese quake

BERLIN - AFP

Germany\'s Allianz insurance group issued a profit warning on Wednesday in the wake of devastation caused by the Japanese earthquake, with income down 44 % in the first quarter. Net profits were \"just over 900 million euros ($ 1.3 billion)\" because of natural catastrophes and reduced earnings on financial markets, Allianz said. Expenses from natural catastrophes in the first quarter of 2011 will amount to roughly 750 million euros, of which some 320 million euros have been earmarked for claims related to the March 11 earthquake and tsunami in Japan.

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