FRANKFURT (Reuters) – German insurer Allianz on Friday posted a better-than-expected 2.2% fall in net profit in the fourth quarter from a year earlier, amid pressure on business from the coronavirus pandemic.
The company posted net profit attributable to shareholders of 1.817 billion euros ($2.20 billion) in the three months through December, compared with 1.858 billion euros a year ago. It was better than a 1.753 billion euro consensus forecast.
Throughout 2020, Allianz and other insurers warned about the impact of clients making claims for business interruption and cancelled events from lockdowns, while demand for car and travel insurance has fallen.
For the full year, Allianz posted a 14% decline in net profit and a 9.3% decline in operating profit.
It is the first decline in annual operating profit since 2011, when the German insurer faced claims for major catastrophes like a tsunami in Japan and write-offs during the European debt crisis.
($1 = 0.8268 euros)
(Reporting by Tom Sims; Editing by Caroline Copley)
