German insurer Allianz posted its first fall in annual operating profit in nearly a decade on Friday on higher claims from businesses hit by lockdowns and lower demand for car and travel insurance.

Working benefit fell 9.3% to 10.75 billion euros ($13.01 billion) in its first decrease since 2011 when it was hit with claims from a tidal wave in Japan and discounts during the European obligation emergency.

The organization means to accomplish a 2021 working benefit of 12 billion euros, give or take 1 billion euros.

“We are hence in a good position to deliver on our 2021 ambition,” CEO Oliver Baete said.

Net profit owing to investors fell 14% to 6.8 billion euros however the slide shrank to a more modest than-anticipated 2.2% in the last quarter.

The final quarter net profit of 1.817 billion euros beat the 1.753 billion expected by experts.

“In our view, Allianz’s release reads surprisingly positively,,” Jefferies wrote in a note to customers.


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