German insurer Allianz posted its worst quarterly loss today and said it was considering two bond issues to strengthen its capital base.
Its third quarter net loss slumped to €2.5 billion, at the lower end of analysts' estimates.
Europe's biggest insurer blamed the result on weak capital markets, losses at its banking arm Dresdner Bank and insurance losses from floods in Eastern Europe and asbestos-related claims in the United States.
"Allianz is preparing for a longer period of uncertainty and volatility . . . [given] the overall economic situation and capital markets," the group said in a statement.
But Allianz predicted a considerable improvement in business for the rest of the year. The group also said it was considering issuing two bonds "to strengthen capital resources and for the financing of growth".
