Allianz, which has already stopped accepting new business in Russia, will probably fully exit the country, the German insurer's finance chief said.

The statement by the company's chief financial officer Giulio Terzariol goes beyond its announcement in March that it was putting a stop to new insurance in the country as well as new investments in Russia, after the invasion of Ukraine.

"I would define the likelihood as very high," Giulio Terzariol told reporters when asked about the chances of closing its operations there.

Allianz, in an analyst presentation, said that its bottom line could take a hit of between €400m and €500m from a discontinuation of its Russian insurance subsidiaries.

Allianz, which is working to resolve US regulatory investigations into a multibillion-dollar trading debacle at its funds arm, also said today that net profit fell 78% in the first quarter but confirmed its outlook for 2022 operating profit.

Net profit was €561m in the quarter, down from €2.57 billion a year ago.

The net profit figure published today is more precise and lower than the €600m it announced a day earlier, when it disclosed it would set aside another €1.9 billion to deal with its US legal issues.

Analysts, before the announcement of that provision, had initially expected a net profit of more than €1.9 billion in the quarter.

Allianz confirmed its outlook for the full year, in which it expects operating profit of €13.4 billion, give or take €1 billion.