German insurer Talanx has withdrawn the 2020 profit guidance it gave just a month ago, citing “considerable uncertainty around how the economic and capital markets environment will develop” due to the ongoing coronavirus pandemic.

Talanx still intends to keep its commitment to pay a 2019 dividend of €1.50 ($1.73) a share and says its first-quarter net income was €223 million ($383.29 million) on a preliminary basis, down slightly from €235 million ($403.99 million) a year earlier.

“To project the full-year results for 2020 based on the results for the first quarter appears impossible because the corona-related impact on our investment results and on our insurance business is only reflected in one out of three reporting months,” the company says.

Just a month ago, the insurer reaffirmed its guidance for 2020 net income in the range of €900-950 million ($1.55-1.63 billion).

“From today’s standpoint, the target is subject to too many uncertainties to be maintained,” Talanx said on Tuesday.

The original forecast had been made on the proviso “that no greater turbulence occurs on the currency and capital markets than is currently being seen as a result of the coronavirus.”

Talanx expects its Solvency II ratio to remain comfortably within the target range of 150% to 200%.

Last week, Talanx-owned business HDI Global assured clients the business is in a “strong solvency position” to weather the economic turmoil caused by the COVID-19 pandemic.