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Allianz Profit Rises After Year-Earlier Impairments

Allianz SE, Europe’s biggest insurer, said third-quarter profit jumped more than sixfold, helped by its insurance and asset-management units and as year-earlier writedowns were not repeated.

Net income rose to 1.34 billion euros ($1.7 billion) from 196 million euros a year ago, the insurer said in a statement from Munich today. Allianz’s non-operating impairments in the quarter totaled 56 million euros compared with 931 million euros a year earlier, including losses on investments in banks and insurers and a 122 million-euro Greek debt writedown.