Allianz profit falls 78% after multimillion-dollar provisions

Allianz profit falls 78% after multimillion-dollar provisions

Allianz, which is working to deal with investigations by U.S. regulators into a multibillion-dollar trading debacle at its fund arm, said on Thursday that net profit fell 78% in the first quarter, but confirmed its outlook for 2022 operating profit.

Net profit was 561 million euros ($589.61 million) in the quarter, down from 2.57 billion euros a year ago and worse than expectations for a profit of more than 1.9 billion euros.

The net profit figure released on Thursday is more accurate and lower than the €600m it announced a day earlier, when it revealed it would set aside another €1.9bn to deal with legal problems in the United States.

Allianz confirmed its outlook for the full year, in which it expects an operating profit of 13.4 billion euros, with a variation margin of 1 billion.

(1 dollar = 0.9515 euros)

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