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Like other insurance giants, Allianz has been tested by the COVID-19 pandemic. It has been forced into numerous legal battles, both with clients demanding payouts for their business interruptions and with investor groups that were incensed at its decision to close two private hedge funds because of heavy losses. Allianz’s 2020 revenues were down 1.3% from the year prior, and operating profits fell 9.3%—their first decline since 2011. However, 2021 started strongly for the German firm, with operating profits up nearly 45% in Q1.
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