Allianz profit falls 29% amid virus turbulence
Allianz SE said Tuesday that its first-quarter earnings fell amid turbulence created by the coronavirus pandemic.
The German insurer reported net profit of 1.40 billion euros ($1.52 billion), down 29% from EUR1.97 billion a year earlier and broadly in line with earlier guidance of a first-quarter net profit decline of about 30%.
Revenue rose 5.7% to EUR42.6 billion, driven mainly by the life and health business.
Operating profit fell 22% compared to the same period a year prior. The result was dragged by the property-casualty business, which had higher natural-catastrophe claims but also coronavirus-related losses, the company said.
In the asset-management division, which includes U.S. fund manager Pacific Investment Management Company, operating profit rose 19%.
Solvency II ratio, a key measure of balance-sheet strength, stood at 190% at the end of March.
The company, which withdrew its 2020 outlook a few weeks ago due to the uncertainty around the coronavirus, said it will issue new targets once the impact of the pandemic can be better gauged.
Cristina Roca
Source:marketwatch.com