Allianz: Legacy loss

Allianz is counting the final costs of owning Dresdner Bank. A E2.6bn net loss at the ill-starred bank dragged Europe’s biggest insurance company down to a net loss of E2bn for the third quarter. But the insurance and asset management businesses caught a chill from the financial winds as well. Worse results probably lie ahead. Dresdner – whose sale to Commerzbank is described as “on track” – now languishes on Allianz’s books as a “discontinued operation.” But it’s left a horrible legacy. The ba...