German insurer Talanx says the coronavirus pandemic has hit its first-quarter underwriting and investment results, with lockdowns causing large numbers of business closures and cancelled insured events.

“The pandemic has stretched people and enterprises in many countries of the world to their limits,” Chairman Torsten Leue said. “We haven’t seen a crisis like this since the Second World War.”

Coronavirus-related large losses totalled €313 million ($524 million) and the company says all divisions have been affected by the pandemic. The tough quarter also included losses in Australia from bushfires and a hailstorm, as well as hurricanes in Europe and a US tornado.

The group’s net profit fell 5.1% to €223 million ($373 million), in line with a preliminary figure provided last month. At that time Talanx advised it had withdrawn its 2020 profit guidance.

Overall, the coronavirus outbreak had a €133 million ($222 million) impact on the first-quarter net profit, including €85 million ($142 million) due to losses in excess of the pro-rata large-loss budget and a €48 million ($80 million) investment impact.

“We entered this crisis in a position of strength,” Mr Leue said on Friday. “Now we are focusing on maintaining this strength and resilience so as to be able to continue supporting our policyholders, business partners and employees and the people in the countries in which we do business, and to go on providing insurance, both now and in the future.”

The group benefited from a 6.4% first-quarter rise in gross written premium to €12.47 billion ($20.86 billion), supported by growth at HDI Global Specialty.

The combined operating ratio deteriorated to 99.8% from 96.8% a year previously.

Talanx says there are too many uncertainties to provide earnings targets but it still intends to pay a dividend.