Allianz profit hit by hurricane

Insurers expect billions in claims from the summer's hurricanes

German insurer Allianz has seen third quarter profits slide 8% as it absorbed the cost of the devastating hurricanes which hit the Caribbean in 2004.

For the third quarter - a period during which its shares fell 9% on fears about the hurricane's impact - profits were 539m euros ($697m; £377m).

But the numbers proved better than the 415m euros analysts had predicted.

Results at Dresdner, the struggling bank Allianz bought in 2001, also improved, the firm said.

Earlier this year, Dresdner made its first profit since being bought by Allianz.

The combination of fears about hurricane losses and Dresdner's poor performance has helped drag the firm's share price down as much as 27% on the year to date during August.

But the results saw its shares rise more than 3% on Friday morning.