Allianz sees 1Q profit fall by 29%

clock • 1 min read

German insurer Allianz today reported 1Q gobal profits down 29% YoY. The worldwide insurer posted a 28.9% fall in net profit to €1.4bn in 1Q2020. The Munich-headquartered company attributed the loss to the covid-19 outbreak and its having "aggravated operating conditions." Overall, the company reported revenue growth of 3.7%, largely in its life and health businesses. Giulio Terzariol, CFO of Allianz SE, said: "Covid-19 has aggravated operating conditions in our property-casualty business segment. "Our combined ratio adjusted for natural catastrophes and covid-19 impacts remains...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.