Insurance

Allianz First-Quarter Net Falls 65% on Dresdner Loss, Insurance Earnings Allianz SE, Europe's biggest insurer, said a loss at Dresdner Bank and lower profit at its insurance divisions drove earnings down 65 percent in the first quarter.

AIG Falls as Insurer Gives `No Assurance' That Credit Writeoffs Are Over American International Group Inc. led the Dow Jones Industrial Average lower after the world's biggest insurer said it needs to raise $12.5 billion and may face more writedowns after two consecutive record quarterly losses.

Manulife Profit Falls on Equity Markets; D'Alessandro to Step Down in 2009 Manulife Financial Corp., Canada's largest insurer, said quarterly profit fell for the first time in almost seven years, missing analysts' estimates, on declining stock prices. Chief Executive Officer Dominic D'Alessandro plans to step down next May after 15 years in the post.

Munich Re First-Quarter Profit Drops 19% Amid Decline in Investment Income Munich Re, the world's second-biggest reinsurer, said profit declined 19 percent in the first quarter, missing analysts' estimates, as falling equity prices and smaller gains from asset sales lowered investment income.

Generali First-Quarter Profit Rises 27% on Non-Life Premiums, Lower Taxes Assicurazioni Generali SpA, Europe's third-biggest insurer, said first-quarter profit rose 27 percent as the company sold more property and casualty policies, and paid fewer taxes.

AIG's Need to Raise $12.5 Billion After Loss Renews Doubts About Sullivan American International Group Inc. , the world's biggest insurer by assets, said it needs to raise $12.5 billion after two straight quarterly losses as pressure builds on Chief Executive Officer Martin Sullivan.

State Street, Sued by Prudential, May Face More Than $1 Billion in Damages State Street Corp., the largest money manager for institutions, may have to pay more than the $625 million it set aside for damages from lawsuits over losses from subprime-mortgage investments made for pension funds.

UN Urges Myanmar to Allow Entry to Foreign Aid Workers; More Rain Forecast The United Nations and foreign governments called on Myanmar to allow in foreign aid workers as new rains head toward the stricken country.

North Sea Divers Wrecked by Oil Demand Payment After Making Norway Wealthy Gary Cronin usually lasted six weeks inside a diving capsule before he started seeing monsters.