German insurer Allianz sees 2010 operating profit around 2009 level of $9.7 billion

Allianz sees steady operating profit for 2010

FRANKFURT — German insurer Allianz SE expects its 2010 operating profit to be around last year’s level of euro7.2 billion ($9.7 billion) as the global economy comes out of a long downturn.

Allianz, one of the world’s biggest insurers and based in Munich, says it expects moderate economic growth and reduced income from investments this year, but added it is in “excellent form.”

The company which released preliminary earnings in February, confirmed Friday it earned euro4.3 billion in 2009 net income, compared with a loss of euro2.2 billion in 2008

Revenue for 2009 rose more than 5 percent to euro97 billion from euro93 billion in 2008.

Shares of Allianz were a third of a percent higher at euro90.02 in Frankfurt trading.

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