First-quarter losses of €126m ($114m) by Dresdner Bank have hit the results of its parent, German insurance company Allianz, whose profits nonetheless jumped to €1.9bn on the back of disposals.

Allianz' profits leapt by 70%, at the top end of analysts' expectations, as it booked the proceeds from sales of cross-holdings - most likely in Munich Re, Mannesmann and HVB Group, formerly HypoVereinsbank. Allianz declined to give any detail on the disposals.