German insurer Allianz reports less profit for 2020

German insurer Allianz on Friday said that its total revenues for 2020 decreased 1.3 percent year-on-year to 140 billion euros (169.8 billion U.S. dollars).

The company’s operating profit decreased 9.3 percent year-on-year to 10.8 billion euros. According to Allianz, this was mainly attributable to “adverse impacts” from the COVID-19 pandemic, amounting to 1.3 billion euros.

“I am grateful for the trust and confidence that our stakeholders placed in Allianz during the challenging year 2020,” said Allianz CEO Oliver Baete.

Despite the pandemic, the company’s financial performance in fiscal 2020 was “remarkably robust across all business segments.” The company’s total assets under management reached an all-time high of 2.39 billion euros.

In the fourth quarter of 2020, total revenues grew slightly by 0.3 percent, while operating profit was up 8.2 percent year-on-year at 3.0 billion euros, according to Allianz.

Adjusted for adverse COVID-19 impacts, Allianz’s operating profit exceeded the previous year’s record level. The company’s operating performance had “sound foundations,” Chief Financial Officer Giulio Terzariol said, expecting a “solid 2021 performance.” (1 euro = 1.21 U.S. dollars)

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