Shares of Allianz SE (AZSEY.PK) were losing around 3 percent in German trading after the insurance and asset management company reported Tuesday weak profit in its first quarter due to higher claims from natural catastrophes and COVID-19-related losses in the Property-Casualty business. Revenues increased in the quarter, while assets under management declined.
The company, which withdrew its fiscal 2020 operating profit outlook last week, 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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