Allianz 1Q Net Profit Fell 29% Amid Coronavirus Turbulence

   By Cristina Roca

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.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

May 12, 2020 01:38 ET (05:38 GMT)

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