Covid-19: Allianz resilient despite the financial crisis

Allianz announced on Friday, November 6 that its total revenue reached 31.4 billion euros ($ 37.2 billion) in the third quarter (Q3) of 2020, after falling 6.1% from the corresponding period of the previous year. In the same period, the group achieved operating profit of 2.9 billion euros ($ 3.4 billion), down 2.6% compared to the same period in 2019.

Operating profit came to 7.8 billion euros, rising to 9.1 billion euros excluding the impact of COVID-19. Net income attributable to shareholders for the quarter was up 5.9% to 2.1 billion euros due to higher non-operating investment income, partially offset by restructuring and integration costs more high levels as well as lower operating income. At the same time, net income grew 4.9% on an annual basis to reach 2.1 billion euros. Diluted earnings per share amounted to € 4.89, up 4.9% from the third quarter of 2019.

“Not only has our financial performance been resilient, but we have also benefited from the strong support of our fantastic staff across the globe … Therefore, we remain confident not only to weather the COVID-19 crisis well, but to build an Allianz even stronger for the benefit of all stakeholders, ”said CEO Oliver Baete.

The life / health insurance business recorded a strong operating profit of 1.1 billion euros, but the present value of new business premiums decreased to 12.9 billion euros from 16.1 billion euros. euros in Q3 2020, impacted by COVID-19 and by a change in the mix of activities. In the property and casualty insurance sector, Allianz noted that its operating profit had been impacted by the COVID-19 pandemic and a lower run-off result, with total revenue down 1.8% to 12.9 billion euros in Q3 2020.

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