MUNICH, Germany: Allianz SE, Europe's biggest insurer by market value, said first-quarter profit fell 97 percent, hurt by charges related to the sale of Dresdner Bank and writedowns on investments.

Net income fell to 29 million euros ($39.7 million), or 4 cents a share, from 1.15 billion euros, or 2.48 euros, a year earlier, the Munich-based insurer said. Net income from continuing operations, which reflects the sale of Dresdner completed in January, fell 69 percent to 424 million euros.

Allianz Chief Executive Officer Michael Diekmann is re- focusing on the company's insurance operations after he stopped a seven-year foray into full-scale banking by selling Dresdner to Frankfurt-based Commerzbank AG for 5.1 billion euros. The transaction, completed Jan. 12, resulted in charges of 395 million euros in the first quarter.