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Aug. 5, 2020, 2:08 a.m. EDT

Allianz reports 29% profit decline

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By Kim Richters

Allianz SE said Wednesday that its second-quarter net profit and revenue declined.

The German insurer reported net profit of 1.53 billion euros ($1.81 billion), down from EUR2.14 billion a year earlier.

Operating profit for the quarter fell to EUR2.57 billion from EUR3.16 billion. The decline was partly due to its property-casualty business, where operating profit fell as a result of losses related to the coronavirus pandemic as well as a lower operating investment result, the company said.

Revenue dropped to EUR30.9 billion from EUR33.2 billion.

The company didn't provide an updated 2020 outlook for its operating profit due to continuing uncertainties related to the pandemic.

Allianz Chief Executive Oliver Baete said the company has shown resilience in the first half and expects "a solid financial performance also in the second half of 2020."

Write to Kim Richters at kim.richters@wsj.com

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