Allianz said today its full year operating profit rose 5.1 per cent to €10.915 billion.
Allianz said its insurance segments showed growth and offset a sharp profit drop at its Dresdner Bank unit, and it confirmed mid-term targets.
The group previously said it sees operating profit growth in the region of 10 per cent per year until 2009.
Allianz raised its dividend to €5.50 per share from €3.80 as full-year net profit climbed 13.5 per cent to €7.966 billion.
In the fourth quarter, group operating profit dropped 4.5 per cent to €2.153 billion as total revenues rose 4.5 per cent to €25.9 billion. Net income declined 51.5 per cent to €665 million weighed down by a €589 million loss at Dresdner Bank.
The bank booked a full year net gain of €366 million, down 58.9 per cent.
Allianz had already announced on January 24th that its banking segment, which largely consists of Dresdner Bank, booked write-downs of approximately €900 million in the fourth quarter, bringing the full year write-downs due to the credit crisis up to about €1.5 billion.