Allianz Drops 2020 Profit Target; Expects Net Profit Fall in 1Q
May 01 2020 - 1:44AM
Dow Jones News
By Adria Calatayud
Allianz SE has withdrawn its operating profit target for 2020 in
light of uncertainty caused by the coronavirus pandemic, and said
that it expects first-quarter net income to fall by around 30%.
The German insurer said late Thursday that it expects net profit
for the first three months of the year of 1.4 billion euros ($1.53
billion) compared with EUR2.0 billion in the year-earlier period.
Quarterly operating profit is expected to be EUR2.3 billion, down
from EUR3.0 billion a year before.
Allianz--parent of money manager Pimco--said its board of
management doesn't assume the group can achieve its previous
operating profit target range for 2020 of EUR12 billion, give or
take EUR500 million. A new profit target for 2020 will be disclosed
by the management board upon completion of the revised planning,
the insurer said.
The company plans to release its full results for the first
quarter on May 12.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
May 01, 2020 01:29 ET (05:29 GMT)
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