FRANKFURT (Reuters) – German insurer Allianz (ALVG.DE) on Tuesday posted a 29% fall in net profit in the first quarter from a year earlier as the coronavirus outbreak slows business.

The insurer had last month flagged the drop when it published preliminary figures, and it abandoned its profit target for the full year, blaming economic uncertainty amid the pandemic.

Allianz is among a host of European insurers warning about their prospects as they face claims for business disruptions, canceled events and a lack of demand for car and travel insurance.

Net profit attributable to shareholders of 1.4 billion euros ($1.51 billion) in the first quarter is down from 2.0 billion euros a year ago.

“COVID-19 has aggravated operating conditions in our property-casualty business segment,” said finance chief Giulio Terzariol.

Allianz’s combined ratio, a measure of profitability for the division, worsened to 97.8% in the first quarter, up 4.1 percentage points from a year earlier. Readings below 100 indicate profitability.