Allianz first-quarter net profit drops 29% as coronavirus outbreak dampens business

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German insurer Allianz on Tuesday posted a 29% fall in net profit in the first quarter from a year earlier as the coronavirus outbreak slows business.

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

The insurer had last month flagged the drop when it published preliminary figures, and it abandoned its profit target for the full year, blaming economic uncertainty amid the pandemic. Net profit attributable to shareholders of 1.4 billion euros in the first quarter is down from 2.0 billion euros a year ago.

 

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The pandemic has disrupted the economy, many people have filed for unemployment Latest updates | cases per million population👇 Corona CoronaVirusUpdate

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