Allianz has reported a fall in total revenues for Q2 2020 of 6.8% to £27.9bn, compared to the same period last year. Operating profit for Q2 2020 tumbled by 18.8% to £2.3bn.

In Allianz’s property and casualty business, operating profit decreased by 17.4% to £1bn in Q2 2020 compared to the second quarter of 2019. The combined ratio rose by 1.2 percentage points to 95.5% in the second quarter of 2020.

Q2 2020 revenues nudged up to £12.2bn, compared with £12.1bn for the same quarter last year.

“The impact of COVID-19 on property and casualty business segment revenues has been more pronounced in the second quarter of 2020 but our franchise has proven resilient in terms of revenue growth,” said Giulio Terzariol, chief financial officer at Allianz.

He added: “Adjusting for the impacts of COVID-19, the underlying performance remains strong with a normalised combined ratio of less than 94% as our focus on technical excellence and productivity gains pays off."

Commenting on Allianz’s results, Christian Badorff, vice-president and senior analyst at Moody’s, said: “Earnings in the quarter held up well, thanks to solid underwriting performance in P/C, improving investment results, and stable contribution by the Asset Management Segment.”

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