Allianz declines to announce its earnings forecast in 2020
On Friday, Allianz SE (ALVG.DE) announced that it would not provide any earnings forecast for this year due to the market uncertainty amid the coronavirus crisis. However, the German multinational financial services company gained an unexpected 6% rise in its third-quarter net revenue.
Allianz’s Chief Financial Officer Giulio Terzariol stated that the financial markets’ volatility could also increase due to the United States election results.
“These are not normal times,” he said in an interview with journalists.
Allianz’s net profit climbed by 2.063 billion Euros ($2.44 billion) from June to September 2020 compared to its 1.947 billion Euros operating profit last year.
According to the consensus forecast, the firm earned higher than 1.626 billion Euros.
“We remain confident to not just weather the COVID-19 crisis well, but to build an even stronger Allianz,” Allianz’s Chief Executive Officer Oliver Baete stated.
Allianz’s shares went up by 1% in the morning trade.