(Reuters) — German insurer Allianz on Wednesday posted a 29% fall in net profit for the second quarter from a year earlier and shied away from updating its full-year profit guidance as the coronavirus pandemic slows business and clouds the outlook.

Allianz is one of many European insurers warning about the outlook as clients claim for business interruption and canceled events, while demand for auto and travel insurance has fallen.

Net profit attributable to shareholders of €1.53 billion ($1.81 billion) in the three months through June compared with €2.14 billion a year earlier. It was higher than a €1.48 billion consensus forecast.

“Due to the continuing uncertainties we currently do not give an updated operating profit outlook for 2020,” the company said.

Earlier this year, the German insurer abandoned its 2020 profit target of between €11.5 billion and €12.5 billion euros, blaming economic uncertainty resulting from the pandemic, and said it expects to post the first annual decline in profit in nearly a decade.

Chief Executive Oliver Baete nevertheless said he was confident of a “solid financial performance” in the second half of the year.

Allianz's combined ratio, a measure of profitability for its property and casualty division, one of its highest revenue earners, worsened to 95.5% in the second quarter, up from 94.3% a year earlier. Readings below 100% indicate profitability.

Meanwhile,  Allianz said on Wednesday that it was fielding a request for information from the U.S. Securities and Exchange Commission over a series of funds that suffered sharp losses amid the coronavirus-led market meltdown earlier this year and are the subject of an investor lawsuit.

The funds in question are Allianz's “Structured Alpha” hedge funds managed by Allianz Global Investors. Allianz made the disclosure in its earnings report.

In July, the Arkansas Teacher Retirement System filed a lawsuit in a Manhattan court to recover losses of least $774 million in the first quarter of 2020 for the funds.

Allianz said the case was “legally and factually flawed,” but that it expects that other investor suits may emerge.

Allianz said it was fully cooperating with the SEC's request for information about the Structured Alpha funds.

More insurance and risk management news on the coronavirus crisis here.