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 at 94% as we continue to focus strongly on technical excellence in underwriting and claims management in order to navigate successfully through this crisis jointly with our customers."