Allianz has withdrawn its operating profit target for 2020 in light of uncertainty caused by the coronavirus pandemic, and said that it expects first-quarter net income to fall by around 30%.

The German insurer said late on 30 April that it expects net profit for the first three months of the year of €1.4bn compared with €2bn in the year-earlier period. Quarterly operating profit is expected to be €2.3bn, down from €3bn a year before.