Allianz Q1 profits squeezed as P&C posts hefty Eur500mn Covid-19 charge

Allianz saw its shares trade down nearly 3 percent at the open after the carrier reported a 29.1 percent slump in operating profit in its P&C division to Eur1.03bn in the first quarter of 2020, with the underwriting result pressured by an increase in losses from natural catastrophes which were up Eur300mn as well as Eur500mn in Covid-19 related losses.