MUNICH (dpa-AFX) - Allianz Group expects a shareholder's net income for the first-quarter to be 1.4 billion euros compared to 2.0 billion euros reported last year.
The company projects an operating profit for the first-quarter of 2.3 billion euros, compared to 3.0 billion euros reported last year.
The company said it could not achieve the target range for the operating profit for 2020 in the amount of 12 billion euros plus or minus 500 million euros, due to the uncertainties for the macroeconomic development caused by the current pandemic.
The company said it will announce a new profit target for 2020 upon completion of the revised planning.
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