German insurer Allianz 1Q net profit falls 65 percent

Allianz said the company's Dresdner Bank also saw a 65 percent decline in operating revenues to 719 million euros ($1.1 billion).

The asset management segment's third-party assets decreased 4 percent to 736 billion euros ($1.1 trillion) from 765 billion euros at the end of 2007.

"We believe our asset management business did very well, given the extremely difficult market environment," Perlet said.

"Taking into consideration strong net inflows and stable margins, the segment is poised for future growth as markets go back to normal."

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