Impairments hit Allianz bottom line
EUROPEAN insurer Allianz reported impairments of €931m ($1.27bn) in the third quarter of 2011, mainly due to writedowns of Greek sovereign debt, where a net €122m writedown for Q3 followed a €326m writedown in Q2, and a €715m writedown for other financial sector investments – Commerzbank, Hartford, Unicredit, China Pacific Insurance Group and Banco Popular were mentioned.