April 30, 2020 / 5:47 PM / 2 months ago

Allianz withdraws profit target citing macro uncertainties

FRANKFURT, April 30 (Reuters) - German insurance giant Allianz said it had withdrawn its target of achieving an operating profit of between 11.5 billion to 12.5 billion euros in 2020, blaming macroeconomic uncertainties.

Allianz said it expects an operating profit of 2.3 billion euros ($2.52 billion) in the first quarter, down from 3 billion euros in the year-earlier period and net income of 1.4 billion euros, down from 2 billion euros in the year-earlier quarter. ($1 = 0.9136 euros) (Reporting by Edward Taylor; Editing by Tom Sims)

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