Allianz reports 2.3 billion euros operating profit in Q1Christian 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
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. ■