Allianz: misses consensus in first quarter

(CercleFinance.com) - Allianz has published net income attributable to shareholders that is down 28.
9% to 1.4 billion euros for the first quarter 2020, i.e. EPS of 3.36 euros, missing the consensus by nearly 1.20 euro.

The insurance company's operating profit fell by 22.2% to 2.3 billion euros, despite revenue that rose by 5.7% to 42.6 billion euros (+3.7% in organic terms), driven in particular by its life and health segment.

In view of uncertainties around the current pandemic, Allianz has withdrawn its 2020 target for operating profit of 12 billion euros (plus or minus 500 million euros). It will provide a new forecast when the impact of the crisis can be better assessed.


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