logo
Plus   Neg
Share
Email

Allianz Q1 Profit Down, Revenues Rise - Quick Facts

German insurance and asset management company Allianz SE (AZSEY.PK) reported Tuesday that its first-quarter net income attributable to shareholders fell 28.9 percent to 1.4 billion euros from last year's 2 billion euros. Basic earnings per share decreased 27.8 percent to 3.36 euros from prior year's 4.65 euros.

The results reflected weak operating profit hurt by COVID-19-related market impacts. Operating profit declined 22.2 percent to 2.3 billion euros.

Strong profit growth in Asset Management business segment was offset by weak results in Property-Casualty business segment and Life/Health business segment.

Total revenues, however, increased 5.7 percent to 42.6 billion euros from 40.3 billion euros last year. Internal revenue growth, which adjusts for currency and consolidation effects, amounted to 3.7 percent, driven in particular by Life/Health business segment.

The company, which withdrew its fiscal 2020 operating profit outlook earlier, now said a new profit target for 2020 will be announced by the Board of Management upon completion of the revised planning once the impact of the Corona crisis can be better assessed.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Hongkong Sun Rise Trading Ltd. has recalled about 151,400 units of Kobalt Cordless Electric chainsaws and about 106,520 units of Kobalt Cordless Electric pole saws for possible laceration hazard, according to two separate statements issued by the U.S. Consumer Product Safety Commission. These include 1,400 chainsaws and 120 pole saws sold in Canada. Branded food company Hormel Foods Corp. (HRL) announced Friday that its Hormel Black Label Breakfast Food Truck will hit the road with free sample event of the popular brand's new Hormel Black Label Oven-Baked Egg Bites. The samples come in three variants - with Bacon, with Chorizo and with Bacon and... United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets.
Follow RTT