The Q1 2020 net income attributable to shareholders of Allianz was down by 28.9% to €1.4bn compared to €1.96bn in Q1 2019
Allianz Group has reported a net income of €1.48bn, or €3.21 per diluted share, for the first quarter of 2020, which is 27.7% lesser than €2.05bn, or €4.65 per diluted share, for the same quarter in 2019.
The fourth-quarter 2019 net income for the German insurance group was €1.95bn, or €4.46 per diluted share.
The insurer’s Q1 2020 net income attributable to shareholders was down by 28.9% to €1.4bn compared to €1.96bn in Q1 2019.
Allianz’s operating profit for Q1 2020 came down by 22.2% to €2.3bn compared to €2.96bn in Q1 2019.
Its total revenues for Q1 2020 were up by 5.7% from €40.3bn in Q1 2019 to €42.6bn.
The insurer’s life/health business contributed the most revenues in Q1 2020 among all its units, at €20.5bn, which marks an increase of 6.5% compared to €19.3bn made in Q1 2019.
The operating profit of the life/health unit dropped by 25.3% to €819m in Q1 2020 compared to €1.09bn in Q1 2019. The insurer said that the decline of the operating profit was primarily because of a lower investment margin, which in turn was predominantly driven by higher impairments caused by the market downturn.
The property/casualty business of Allianz reported total revenues of €20.3bn in the first quarter of 2020, which is 4.2% more compared to €19.5bn in the same quarter in the year before.
The unit’s operating profit came down by 29.1% to €1.03bn in Q1 2020 compared to €1.45bn in Q1 2019.
According to the German insurer, the underwriting result in the property/casualty business was pressured by increased losses due to natural catastrophes and Covid-19 impacts. The insurer said that higher claims were offset partly by a strong improvement in the expense ratio.
Allianz CEO comments on Q1 2020 results
Allianz CEO Oliver Bäte said: “The first quarter of 2020 showed the resilience of Allianz in these unprecedented circumstances.
“I am very proud of the operational preparedness of Allianz, the dedication of our employees and our IT that ensures the highest service levels for our customers even in this challenging situation. These are very testing times for us all, but I believe that together we will rise to this challenge.”