Allianz made quarterly net profit of 665 million euros ($979 million), compared with 1.372 billion in the year earlier period, it said in a statement on Thursday.
MUNICH (Reuters) - Allianz's <ALVG.DE> net profit dropped by more than half in the fourth quarter, as strength in its main property-casualty insurance business could not offset the damage from subprime write-downs at its banking arm.
Allianz made quarterly net profit of 665 million euros ($979 million), compared with 1.372 billion in the year earlier period, it said in a statement on Thursday.
Europe's biggest insurer had already released key earnings figures for 2007 last month in an effort to calm investors jittery over its investments linked to risky subprime mortgages in the United States, showing it made record net profit of nearly 8 billion euros last year.
(Reporting by Jonathan Gould)
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