In January-September 2020, its operating profit reached EUR7.8 billion, from EUR9.1 billion in the same period in 2019, particularly due to the impact of the COVID-19 pandemic.
Net income stood at EUR5.2 billion at the end of the first nine months of 2020, down 17.6% year-over-year. Income attributable to shareholders fell 17.6% down to EUR4.9 billion.
Due to economic uncertainty caused by the COVID-19 pandemic, Allianz Group’s Executive Board decided to halt the Share Buyback 2020 program and to no longer carry out the remaining part of the program worth EUR750 million, the report reads.