Allianz 2Q Net Profit, Revenue Fell
August 05 2020 - 1:57AM
Dow Jones News
By Kim Richters
Allianz SE said Wednesday that its second-quarter net profit and
revenue declined.
The German insurer reported net profit of 1.53 billion euros
($1.81 billion), down from EUR2.14 billion a year earlier.
Operating profit for the quarter fell to EUR2.57 billion from
EUR3.16 billion. The decline was partly due to its
property-casualty business, where operating profit fell as a result
of losses related to the coronavirus pandemic as well as a lower
operating investment result, the company said.
Revenue dropped to EUR30.9 billion from EUR33.2 billion.
The company didn't provide an updated 2020 outlook for its
operating profit due to continuing uncertainties related to the
pandemic.
Allianz Chief Executive Oliver Baete said the company has shown
resilience in the first half and expects "a solid financial
performance also in the second half of 2020."
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
August 05, 2020 01:42 ET (05:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Dec 2024 to Jan 2025
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Jan 2024 to Jan 2025
