Allianz Cancels Buyback as Pandemic Hit Reaches $1.5 Billion (2)

Allianz SE canceled a share buyback program that it had suspended earlier in the year as the hit from the Covid-19 pandemic continued to mount in the third quarter.

Virus-related hits rose to 1.3 billion euros ($1.5 billion) by the end of September, up from about 1.2 billion euros in the first six months of the year. Allianz said it won’t repurchase some 750 million euros of shares that were still left in a buyback program for 2020, “in light of the ongoing economic uncertainties.”

While the insurer doesn’t keep a ranking of loss events, the pandemic has already cost ...