BERLIN: German insurance giant Allianz on Friday reported a drop in annual net profit for the first time since 2011, with natural disasters and the coronavirus pandemic taking their toll. Net profit came in at 6.8 billion euros in 2020, down 14 percent, the group said in a statement.

Operating profit was 10.8 billion euros, down 9.0 percent, weighed down partly by 1.3 billion euros in pandemic-related costs. The fourth quarter showed a more solid performance, with total revenues stable and operating profit up 8.2 percent. Allianz paid out 880 million euros for natural disasters, compared to 771 million euros the year before.

Total revenues at the Munich-based group decreased by 1.3 percent to 140 billion euros across the whole of 2020. In property-casualty insurance, total revenues rose slightly by 0.4 percent to 59.4 billion euros, despite declines recorded at Allianz Partners (travel insurance) and Euler Hermes (credit insurance).