Insurance giant Allianz Group shrugged off credit crunch worries to post an increase in its full-year profits for 2007 of 13.4 per cent.

This owed much to the low level of catastrophe claims and 21 per cent jump in its life and health division.

Net income rose to €7.996 billion from €7.021 billion last year.

The only cloud on the horizon was that operating profits at investment bank Dresdner, which it owns, were down by over 45 per cent to €730 million in 2007 compared to €1.4 billion last year, after the group declared a €1.3 billion sub-prime write down.

Michael Diekmann, chief executive officer of Allianz SE, said: "Despite challenging conditions in 2007, we were able to further improve our operating efficiency and profitable growth, and to achieve a record result for the year.

"Thanks to the well-diversified business activities of the Group, we were less vulnerable to shocks and cycles in individual markets and segments."

He warned that there may be around 450 job losses - most of which have been cut already - at Dresdner as a result of a reduction in its operation in the area of structured credit products.

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