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Allianz books 3.7 billion euro provision in investment fund case -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Allianz Global Investors’ logo was taken at Frankfurt headquarters, Germany on August 16, 2021. Picture taken August 16, 2021. REUTERS/Tilman Blasshofer

FRANKFURT/Reuters -Allianz, a German asset manager and insurer, said on Thursday it would reserve 3.7 billion Euros (or 4.20 Billion) in order to handle any investigations or lawsuits that may arise from the collapse and dissolution of multi-billion-euro investment funds.

According to company statements, the provision led to a net loss for shareholders of 292million euros during the fourth quarter. Analysts were expecting a profit.

Allianz said also that litigation and the outcome of investigation and investigations “cannot reliably be estimated” and that they “expect to incur additional expense before these matters are resolved.”

($1 = 0.8804 euros)

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