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Allianz survives Corona with wounds

2020-08-12T21:07:16.648Z


The corona crisis has also left its mark on the insurance giant Allianz.The corona crisis has also left its mark on the insurance giant Allianz. Unterföhring (dpa) - The insurance group Allianz has so far survived the corona pandemic with wounds in its large German home market. In the first half of the year, net profit fell by almost a third to 544 million euros, according to the German subsidiary of the largest European insurer. However, sales in the three lines of...


The corona crisis has also left its mark on the insurance giant Allianz.

Unterföhring (dpa) - The insurance group Allianz has so far survived the corona pandemic with wounds in its large German home market.

In the first half of the year, net profit fell by almost a third to 544 million euros, according to the German subsidiary of the largest European insurer. However, sales in the three lines of property and casualty, life insurance and private health insurance rose slightly by a total of 1.7 percent to 22.4 billion euros.

The temporary crash in the capital markets also contributed to the shrinking net profit. The investment result fell across all divisions by more than a fifth to 4.5 billion euros.

Otherwise, as with other insurers, Corona had a double negative effect in day-to-day business: higher expenditure on the one hand, less new business in some areas on the other. The expenses increased partly because of the high costs of business closure insurance.

Apart from the costs, Allianz is also in legal trouble in this regard: Some corporate customers have sued the insurance company because the insurer believes that Covid-19 is not covered in their business closure insurance. The insurer has offered customers in this area the voluntary assumption of part of the damage; according to Allianz, three quarters of the companies in question have made use of this. A lawsuit against Allianz is currently pending before the Munich district court.

There was less new business with motor vehicle policies, among other things, since car dealerships were closed for weeks during the Corona restrictions and fewer cars were sold. At times, however, there were also fewer contracts concluded in life insurance.

© dpa-infocom, dpa: 200812-99-138402 / 3

Source: merkur

All news articles on 2020-08-12

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