Allianz has been struggling to turn Dresdner around

The news came as Allianz issued a preliminary earnings statement showing an estimated net profit of 650m euros (�440m; $784m).

The insurer is due to unveil full first-quarter results on 14 May.

Allianz, said Dresdner "contributed to the Allianz banking segment with an operating result in the order of around 170 million euros".

"A positive result after taxes is therefore achieved - following a loss of 353 million euros in the first quarter of the previous year," Allianz added.

Share boost

Allianz bought Dresdner in 2001 for 24bn euros and has been struggling to improve the bank's fortunes.

The bank's improved figures are thought largely to be the result of a better performance at its investment banking division, Dresdner Kleinwort Wassertein.

Shares in Allianz reacted positively to the news, closing Wednesday up 3.68% to 90.89 euros in Frankfurt.

Sven Janssen, an analyst with private bank Metzle, said it appeared that Dresdner had turned itself around.