Allianz has taken a financial hit from the coronavirus pandemic ©Getty Images

Allianz, the International Olympic Committee’s (IOC) new insurance partner, has revealed that COVID-19 wiped €1.3 billion (£1.1 billion/$1.6 billion) off its 2020 operating profit.

Even so, the German company turned in a reasonably resilient performance for what it described as "an unprecedented year".

Total revenues were down just 1.3 per cent at €140.5 billion (£121.5 billion/$170 billion), with net income sliding 14 per cent from €8.3 billion (£7.2 billion/$10 billion) to €7.1 billion (£6.1 billion/$8.6 billion).

At the operating level, profit was down 9.3 per cent at €10.75 billion (£9.3 billion/$13 billion).

The steepest decline, at more than 13 per cent, came in the group’s property-casualty operation.

Allianz said the business’s underwriting result was "heavily affected by the COVID-19 pandemic especially in the commercial lines of business", as well as "higher claims from natural catastrophes".

The Munich-based insurer and asset manager joined the IOC's The Olympic Partner (TOP) sponsorship scheme last month, under an eight-year deal, originally announced in 2018, which takes in the Beijing 2022, Paris 2024, Milan-Cortina 2026 and Los Angeles 2028 Games, though not the postponed Tokyo 2020 Olympics.

Allianz joined the IOC's The Olympic Partner sponsorship scheme in January ©Getty Images
Allianz joined the IOC's The Olympic Partner sponsorship scheme in January ©Getty Images

Separately, Swiss Re, which sells insurance to other insurers, revealed that it had experienced $3.9 billion (£2.8 billion/€3.2 billion) of COVID-19-related claims and reserves in 2020.

This prompted it to post a net loss of $878 million (£626 million/€724 million).

Swiss Re disclosed last year that it had a $250 million (£178 million/€206 million) exposure to Tokyo 2020.

Questioned by insidethegames, a Swiss Re executive would not say whether a claim had since been lodged or a pay-out made.

He did say the group now expected the Olympics to occur in 2021.

Christian Mumenthaler, chief executive, commented separately that "from the start of the pandemic, we took a disciplined and prudent approach to building reserves as actual claims have been slow to come in".

The group said it currently expects additional COVID-19-related claims and reserves in its property and casualty businesses of less than $500 million (£356.5 million/€412.5 million) in 2021.

However, it added: "The uncertainty surrounding many factors related to the pandemic remains high and may impact actual claims developments either positively or negatively."