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Allianz reports 2.3 billion euros operating profit in Q1

Christian Fernsby ▼ | May 12, 2020
Allianz internal revenue growth, which adjusts for currency and consolidation effects, amounted to 3.7 percent, driven in particular by Life/Health business segment but also supported by our other business segments.
Allianz   Total revenues increased 5.7 percent
Total revenues increased 5.7 percent to 42.6 (1Q 2019: 40.3) billion euros. Operating profit declined 22.2 percent to 2.3 (3.0) billion euros. Our Asset Management business segment reported a strong increase in operating profit due to a rise in assets under management driven revenues.

Topics: Allianz

Our Property-Casualty business segment saw a decrease of the operating profit due to higher claims from natural catastrophes, as well as COVID-19-related losses.

Operating profit from our Life/Health business segment also declined mainly driven by the market downturn, which impacted the investment margin and deferred acquisition costs.

Net income attributable to shareholders decreased 28.9 percent to 1.4 (2.0) billion euros mostly driven by the lower operating profit.

The non-operating result also worsened as realized gains from the sale of Allianz Popular were more than offset by coronavirusrelated market impacts.

A lower tax rate had a partly offsetting effect.