May 6, 2020 / 8:57 AM / 21 days ago

Allianz aims to maintain dividend amid coronavirus outbreak, CEO says

FILE PHOTO: Oliver Baete, Chief Executive Officer of Europe's biggest insurer Allianz SE attends the company's annual news conference in Munich, Germany, February 15, 2019. REUTERS/Michael Dalder

FRANKFURT (Reuters) - The chief executive of German insurance giant Allianz (ALVG.DE) said on Wednesday that 2020 will not be another record earnings year but that the company aims to maintain its dividend as it deals with the wrath of the coronavirus outbreak.

Oliver Baete, speaking online to shareholders, explained last week’s move to withdraw the company’s 2020 profit guidance. “It would be like a precision landing in the middle of a hurricane,” he said at the company’s annual general meeting.

Reporting by Tom Sims and Alexander Huebner; editing by Thomas Seythal

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