Allianz Reports 84% Decline In Q3 Net Profit

Allianz SE AZSEY reported an 84% decline in its Q3 net profit. Allianz's quarterly net profit dropped to €196 million, from €1.26 billion, in the year-earlier period. Its total revenue declined 1.8% to €24.07 billion from €24.52 billion. However, analysts were expecting a net profit of €600 million on revenue of €24.1 billion. Allianz's tax rate increased to 60%, from 34.4%, in the year-earlier period. Allianz shares closed at $9.83 yesterday.