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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.

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