Allianz, which has reported higher-than-expected income for the first nine months of the year, said that the costs in its new Corporates and Markets division, which combines Dresdner's investment bank with corporate customer activities, are still exceeding expectations.

Allianz reported an 8% rise in gross premium income for the first nine months of the year of €55bn ($48bn). Earnings before taxes and goodwill amounted to €3.3bn, beating many analysts' forecasts. The insurer, which bought Dresdner Bank in July, included the German bank's results in its own reporting for the first time. Dresdner Bank itself reported nine-month pre-tax income of €659m, a decline of 27.7% year-on-year.