Allianz may have finally sold Dresdner Bank, but losses from the bank have forced the German insurer to abandon forecast earnings for its life insurance and asset management businesses.

Dresdner Bank last week posted a net loss of €2.4 billion ($4.7 billion) in the first nine months to September, compared to a profit of €858 million ($1.69 billion) in the prior period.

Allianz reported a €2 billion ($3.9 billion) loss for the third quarter, driven by a €1.2 billion ($2.3 billion) loss from its banking operations, and writedowns linked to the bank’s value. Allianz agreed in August to sell Dresdner Bank to Germany’s Commerzbank in a €9.8 billion ($19.21 billion) deal.

Now the Munich-based insurer says it can’t make an accurate prediction on projected earnings for the rest of the year and next year. “Without a major market recovery, the operating profit outlook of €9 billion ($17.63 billion) before banking for the year and next year cannot be reached,” board member Helmet Purlet said.

The group’s general insurance operations saw third-quarter operating profit decrease by €3 million ($5.8 million) to €1.5 billion ($2.93 billion). Operating profit in the life insurance business declined by €655 million ($1.28 billion) to €218 million ($425 million).