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Allianz SE's third-quarter net profit fell 8% to 1.26 billion euro from 1.37 billion euro a year ago. Revenue increased 11% to 24.5 billion euro from 22 billion euro. Operating profit increased 2.3% to 2.06 billion euro.

Munich Re AG reports a better-than-expected increase in third-quarter profit of 19% to 764 million euro from 643 million euro a year earlier. Premium income rose 11% to 11.45 billion euro, while net-investment income slipped 2% to 2.2 billion euro.

Deutsche Bank AG is raising 9.8 bil euros ($12.5 bil) to acquire a majority stake in the firm Deutsche Postbank AG, as well as boost capital in accordance with new adequacy standards. Deutsche Bank is offering Deutsche Postbank shares at 24-25 euros ($31-$32) which represent a 30.6% stake and values the firm at about 5.5 bil euros.

Swiss Reinsurance Co. swung to a second-quarter profit of $812 million from a net loss of $342 million a year earlier. Operating profit was $195 million, compared with an operating loss of $833 million.

Further expanding into Germany, Banco Santander S.A. will buy the retail banking operations of Skandinaviska Enskilda Banken AB (SEB) for 555 million euro. The deal increases Santader's 114 bank branches in Germany by 173. SEB reported a loss of 88.2 million euro in Germany last year.

Boosted by lower claims fro natural disasters, Munich Re AG's fourth-quarter net profit soared to 760 million euro from 123 million euro a year earlier. Full-year net profit increased to 2.52 billion euro from 1.56 billion euro the previous year. For full-year 2010, Munich expects profit of more than 2 billion euro and gross premium income of between 41 billion euro and 43 billion euro.

Allianz SE swung to a fourth-quarter profit of 1.08 billion euro from a loss of 3.11 billion euro a year earlier. Operating profit more than doubled to 2.05 billion euro. Full-year net profit came in at 4.30 billion euro, compared with a loss of 2.44 billion euro in 2008. Full-year revenue rose 11% to 25.5 billion euro. Aegon N.V. also reported a fourth-quarter net profit of 393 million euro, compared with a loss of 1.2 billion a year earlier.

Boosted by a 554-million-euro tax benefit, Deutsche Bank AG swung to a fourth-quarter profit of 1.32 billion euro, compared with a loss of 4.79 billion euro a year ago. For full-year 2009, Deutsche Bank reports a net profit of 4.97 billion euro, compared with a loss of 3.84 billion euro in the previous year. Tier 1 ratio rose 10.1% to 12.6% at the end of 2009.

German reinsurer Munich Re AG's fourth-quarter profit soared 780 million euro from 110 million euro a year ago. Gross premium income rose 7.2% to 10.4 billion euro from 9.7 billion euro. Munich Re plans to pay a dividend of 5.75 euro per share for 2009.

Hannover Re AG reports a third-quarter net profit of 159.4 million euro, compared to a net loss of 395 million euro a year earlier. Gross premium revenue rose 23% to 2.42 billion euro from 1.96 billion euro. Hannover expects after-tax return on equity of above 20% and per-share earnings of at least 5.75 euro for full-year 2009.

Affected by restructuring costs and goodwill charges at its Dresdner Bank and Eurohypo units, Commerzbank AG reports a third-quarter net loss of 1.05 billion euro. Commerzbank posted operating profit of 120 million euro, while its Tier 1 core capital ratio fell to just below 11% from 11.3% at the end of June.

To simplify its financial reporting, insurance giant Allianz SE will delist from the New York Stock Exchange, and stock exchanges in London, Milan, Paris, and Frankfurt. Allianz says the delisting will affect neither its growth strategy nor presence in those markets.

Porsche Automobil Holding SE has agreed to merge its core sportscar business into Volkswagen AG. As part of the deal, VW will pay as much as 3.3 billion euro to acquire 42% of Porsche by the end of 2009. A full merger will be completed in 2011. VW will sell as much a 3.3 billion euro in preferred shares to fund the merger and maintain its credit rating, while Porsche is expected to sell 5 billion euro in shares to reduce its 10-billion-euro net debt.

Allianz SE reports a 16% second-quarter net profit drop to 1.87 billion euro from 2.23 billion euro a year earlier, and a drop in revenue of 3% to 22.17 billion euro. Operating profit fell 33% to 1.79 billion euro from 2.66 billion euro.

Hannover Re AG reports that its second-quarter net profit more than doubled to 202.9 million euro from 100.8 million euro a year earlier. Boosted by the acquisition of Scottish Re Group Ltd.'s individual-life-reinsurance business in the U.S., gross premium income rose 39% to 2.59 billion euro from 1.87 billion euro a year earlier. Net investment income almost doubled to 371 million euro.

Affected by 216 million euro in charges related to its Dresdner Bank unit, Commerzbank AG reports a second-quarter net loss of 746 million euro, compared to a profit of 200 million euro a year earlier. Bad-loan provisions more than doubled to 993 million euro. The bank expects to post a loss in full-year 2009. Separately, Hannover Re AG reports that second-quarter net profit more than doubled to 202.9 million euro, while gross premium income rose 39% to 2.59 billion euro.

Byline: ULRIKE DAUER; Dow Jones Newswires FINANCIAL CRISIS FRANKFURT -- The euro zone's large banks are facing further writedowns worth $283-billion (U.S.) in crisis-related losses by the end of next [...]

Allianz SE reports a 98% first-quarter net profit drop to 29 million euro, and a 2.8% rise in revenue to 27.7 billion euro. Operating profit fell 36% to 1.42 billion euro. In related news, Assicurazioni Generali S.p.A. posted a drop in first-quarter profit of 88% to 104 million euro.

Munich Re AG reports a 46% first-quarter net profit drop to 415 million euro, and a 19% decline in net investment income to 1.37 billion euro. Gross premium income rose to 10.37 billion euro from 9.84 billion euro, but operating profit fell 38% to 746 million euro. Munich Re expects gross premium revenue of between 39 billion euro and 41 billion euro in 2009.

Hannover Re AG reports a 43% first-quarter net profit increase to 216.1 million euro, and a 25% increase in earnings before interest and tax to 305.8 million euro. Revenue rose 18% to 2.29 billion euro, premium income increased 17% to 2.66 billion, operating profit grew to 305.8 million euro from last year's 245.6 million euro, and net investment income fell 25% to 198.2 million.

German legislators have approved a bill to allow for the forced nationalization of troubled mortgage financier Hypo Real Estate Holding AG, and the expropriation of Hypo shares held by investors. The government already holds an 8.7% stake in Hypo, which it seeks to increase to at least 90% to fully control the bank before it can be restructured.

As part of a recapitalization process, the government of Germany -through its markets-stabilization fund SoFFin- will acquire an 8.7% stake in troubled mortgage bank Hypo Real Estate Holding AG for 60 million euro. The bank has already received 102 billion euro in private funding and state-guaranteed loans. Hypo RE's shares closed down 1.7% at 1.14 euro in Friday trading.

In a letter to shareholders, Deutsche Bank AG's chief executive Josef Ackermann says the bank increased its Tier-1 capital by 3 billion euro in 2008 and will not seek additional capital in 2009. Mr. Ackermann also predicted Deutsche Bank will return to profitability this year.

Hannover Re AG reports an 89% net profit drop to 15.8 million euro for its fourth quarter ended December 31. The company confirmed it expects after-tax return on equity of above 15%, dividend of between 35% to 40% on net profit, and per-share earnings of between 4.75 euro and 5.25 euro in 2009.

Stock-exchange operator Deutsche Borse AG reports an 8% third-quarter net profit increase to 257.3 million euro, and a 9.7% rise in revenue to 616.1 million euro. Deutsche Borse's shares dropped 6.8% to 64 euro in Frankfurt.

Bogged down by losses stemming from the international credit market crisis, German bank Commerzbank AG reports a third-quarter net loss of 285 million euro. Commerzbank recently shored up its finances with an 8.2-billion-euro cash injection from the German government. To cut costs, Commerzbank will not pay shareholder dividends, executive bonuses, and will limit executive salaries. Similarly, French bank Societe Generale S.A.'s third-quarter net profit plummeted 84% to 183 million euro while revenue dropped 5% to 5.11 billion euro.

German state-owned KfW Bankengruppe AG will sell its 90.8% stake in failed mortgage bank IKB Deutsche Industriebank AG to a unit of private-equity company Lone Star Funds for an undisclosed amount. IKB has received an approximate 10.5 billion euro in emergency funding from government and private institutions. As part of the agreement, KfW and Lone Star Germany will share any losses for IKB's investments.

The global credit market crisis weighed down second-quarter earnings of European insurance giants Allianz SE, Axa S.A., and Aegon N.V. Allianz reports a net profit drop of 28% to 1.54 billion euro while Aegon's profit fell 58% to 276 million euro. Axa's first-half net profit dropped 32% to 2.26 billion. Meanwhile U.K.'s RSA Insurance Group PLC posted a 38% first-half net increase to 287 million pounds sterling and a rise in net written premiums of 12% to 3.36 billion pounds.

Due to write-downs at its Dresdner Bank unit, insurance company Allianz SE reports a 65% drop in net profit to $1.31 billion in the first quarter of 2008. Article discusses Allianz's financial standing, stock value, and earnings prospects for the rest of 2008.

Commerzbank AG posts a first-quarter net profit drop of 54% to $435 million and warns it may not reach profit goals for the rest of 2008. Article discusses Commerzbank's financial standing, losses stemming from mortgage lending write-downs, and efforts to cut back on expenses and market risk exposure.

Insurance corporation Allianz SE posts a 66% first-quarter net profit drop to $1.72 billion and warns it may not reach its midterm operating profit goal in 2008. Article discusses effects of the credit market crisis on Allianz's profit, and the company's recovery prospects and financial goals through 2009.

Hannover Re AG announces a 7.5% fourth-quarter net profit rise to $221.2 million in 2007. Article discusses the reinsurer's paid claims, stock value, and expected earnings in 2008.

Fourth-quarter net profit for Germany's Munich Reinsurance Co. declined by 12% to 460 mil euro due in part to lower investment results, a decrease in premium income, and a higher tax rate. Operating profit increased by 29% to 1.1 bil euro.

Germany's Munich Reinsurance Co. announced a 2.8% average decline in rates and a 4% decline in premium volume for contracts renewed on Jan. 1, 2008, due in part to financially stronger primary insurers and growing competition. However, Munich Re also stated that the subprime mortgage crisis had a small impact, and 2007 after-tax profits are expected to rise 10%.

Swedish investment firm Cevian Capital LP, backed by billionaire Carl C. Icahn, has obtained close to a 3% stake in Germany's Munich Reinsurance Co., boosting the insurance firm's shares by 5.2% to $192.85.

Third-quarter net profit for German insurer Allianz SE rose by 21% to reach 1.92 bil euro, boosted by a 119 mil euro tax gain and comparatively moderate claims for storms and flood damage which offset the firm's exposure to current credit problems stemming from subprime loans.

Second-quarter net profit for Munich Reinsurance Co. rose by 2.2% to reach an expected after-tax level of $4.8 bil to $5.2 bil, due in part to a lower tax rate that counterbalanced higher costs, weaker gains in investments, and lower premiums.

Second-quarter net profit for German insurance firm Allianz SE dropped 6% to reach $2.95 bil, due mostly to a higher tax rate and lower capital gains. Its exposure to risky US subprime mortgages amounts to approximately 0.16% of the firm's investment portfolio.

German insurance firm Talanx AG is buying the insurance holdings of Deutsche Postbank AG for $758 mil, bringing it nearer to an initial public offering. The deal includes a distribution agreement between Talanx and Deutsche Postbank for accident insurance and life insurance products.

First-quarter net profit for Allianz SE rose 78% to reach $4.36 bil, assisted by the sale of its stakes in retailer KarstadtQuelle AG and automaker BMW AG. Although total revenue dropped 1%, share prices were unchanged.

AWD Holding AG of Germany posted a drop in second quarter net profit by 8.3 percent to 11 million Euros ($14 million) from 12 million Euros last year. Revenue decreases were due to increased costs and taxation rate although revenues were up across the board. AWD Holding AG is one of the largest financial advisers of Germany.

Allianz Aktiengesellschaft Holding of Germany posted a soaring 64 percent increase in the second quarter net profit to 2.28 billion Euros ($2.92 billion) compared with 1.30 billion Euros last year. Revenues were due to overall operating improvements across the board.

Dresdner Bank AG of Germany is to cut 2,480 jobs, 8.6 percent of its workforce by 2008. The bank is also planning a reorganization to more closely integrate the investment bank. The bank is planning to produce a return on equity of 12 percent in one and a half years.

Allianz Aktiengesellschaft Holding of Germany posted a soaring 34 percent increase in first quarter net profit to 1.78 billion Euros ($2.3 billion). Revenues were buoyed by market share increases in the banking, life and health insurance sectors. Allianz Aktiengesellschaft Holding is the largest insurance interest in Europe.

Allianz Aktiengesellschaft Holding of Germany posted soaring fourth quarter net profit of 872 million Euros ($1.05 billion) from 296 million Euros the year before. Revenue growth was experienced in asset management, banking and investment income as operating costs were streamlined.

Deutsche Bank has sold off a major share of its real estate assets to the Blackstone Group. The deal is valued at 1.04 billion euros.

The government of Germany is planning to make insurance securities losses tax deductible. The move is designed to improve insurance companies' profits.

MLP AG is expected to be removed from Germany's DAX index as a result of its reduced market value. The company fell short of the index's requirements despite having posted higher profits for the 2003 first quarter.

Munich Re AG has conducted an unexpected reshuffling of its management board.?Munich Re's?incoming chief executive, Nikolaus von Bomhard, is preparing to take more direct control of the firm.

Munich Re posted a higher than expected net loss of 238 million euros for the 2003 first quarter. The company posted a 4.48 billion euros net profits in the same 2002 period.