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Allianz reports a 9.3% fall in profit in 2020

Global insurer Allianz reported its decline in profit of 9.3%. The company’s annual operating profit is facing this situation after a decade as a result of lockdown and lower demand for car and travel insurance.

The company recorded a loss in total revenue of 1.3% to €140 billion in 2020. Covid-19 caused the loss of  €1.3 billion which contributed to the fall in operating profit of 9.3% from the previous year.Net income attribute to shareholders fell 14% to €6.8 billion from 2019.

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

He also added, “Our resilient results prove that we continued to deliver value and security to our customers, thanks to our highly-engaged workforce and state-of-the-art operations. We are hence in a good position to deliver on our 2021 ambition.” The company aims to achieve a profit target of €12 billion, plus or minus €1 billion in 2021 indicating that the insurer plans to recover from the loss.

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