Allianz: Quick fix

Allianz’s E900m hit may not be as painful as it first appears. Sure, the writedown puts the German insurer even further out of line with its European peers, who have in the main avoided comparable subprime upsets. And it cuts the group’s chances of hitting a target of growing operating profits at an average of 10% a year from 2007-2009. But that may be a small price for putting its investment bank, Dresdner Kleinwort, on a better footing. Fixing Dresdner Kleinwort looks central to Allianz’s pla...