German insurance group Allianz today posted record results for 2007 despite a a sharp drop in operating profit at its Dresdner Bank unit owing to the international credit crisis.
Allianz said full year net profit rose by 13.5% to €8 billion, while operating profit gained 5.1% to €10.9 billion.
That came despite a fall in operating profit of almost 50% to €730m at Dresdner Bank, which was hit by the collapse of the US sub-prime high-risk mortgate market and a subsequent global credit squeeze.
Allianz confirmed its mid-term operating profit target, set previously as growth in the region of 10% per year until 2009.
