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rdf:type	schema:NewsArticle
schema:articleBody	German insurer Allianz on Tuesday reported a near 30-percent plunge in quarterly profits, weighed down by claims for Australian wildfires and events cancelled because of the new coronavirus. The group said global economic "uncertainties" caused by the pandemic had forced 2020 targets to be abandoned. "The COVID-19 induced turmoil in the financial markets and a slowing economy have clearly aggravated business conditions," a statement said. From January to March, net profit at Allianz fell by 29 percent to 1.4 billion euros ($1.5 billion) compared with the first quarter a year earlier. Group revenues climbed almost six percent to 42.6 billion euros, driven mainly by new business in its life and health insurance arm. Earnings at the key property and casualty business however were dragged down by higher claims for natural catastrophes including Australia's deadly bushfire season and storms in Europe, as well as "COVID-19 related losses". Like other insurers, Allianz is facing a flood of payouts over events that have had to be cancelled or scaled down because of lockdowns. The company also saw demand fall for its travel insurance as the virus closes borders and people are urged to stay home. There was better news for the asset management division, which reported a jump in operating profits thanks to higher fees and commissions for the funds it manages on others' behalf. "The first quarter of 2020 showed the resilience of Allianz in these unprecedented circumstances," said CEO Oliver Baete. "These are very testing times for us all, but I believe that together we will rise to this challenge." But as the pandemic roils the global economy, Allianz' finance chief Giulio Terzariol said it was "naive" to think insurers could shield companies completely from feeling the pain. The French government recently floated plans for a special pandemic insurance to help companies deal with the turmoil. "Solutions can only be found together with governments," Terzariol told reporters in a conference call. "But a private company can't carry the lion's share of the risks." Allianz plans to announce a revised profit target for 2020 "once the impact of the corona crisis can be better assessed". jpl-mfp/bmm
schema:headline	Allianz profit slumps on virus impact
schema:mentions	Allianz 2019–20 Australian bushfire season French language Bushfires in Australia Pain Health insurance Insurance Corona Australia Chief executive officer European Union Pandemic Virus Coronavirus Testing Times Travel insurance Asset management
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-12 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	73 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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