FILE PHOTO: Oliver Baete, Chief Executive Officer of Europe’s biggest insurer Allianz SE attends the company’s annual news conference in Munich, Germany, February 15, 2019. REUTERS/Michael Dalder
October 6, 2020
LONDON (Reuters) – Allianz <ALVG.DE> CEO Oliver Baete said on Tuesday that a lot of “zombie companies” were surviving due to government support but that many private households were more resilient than some thought.
“We are camouflaging for now the underlying effects, we have a lot of zombie companies now that are just surviving because they are getting government money, we have a lot of jobs around furlough or part time that will be lost, certainly in 2021,” Baete told The Wall Street Journal CEO Council.
Baete said, though, that many households were more resilient and stronger than many thought.
(Reporting by Guy Faulconbridge and Kate Holton)