May 12, 2020 / 5:07 AM / 14 days ago

Allianz Q1 net profit down 29% as coronavirus outbreak damps business

FRANKFURT, May 12 (Reuters) - German insurer Allianz on Tuesday said it posted a 29% fall in net profit in the first quarter from a year earlier, as the coronavirus outbreak slows business.

The insurer last month had flagged the drop when it published preliminary figures, and it abandoned its profit target for the full year, blaming economic uncertainty amid the pandemic.

Reporting by Tom Sims; editing by Thomas Seythal

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