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Allianz CEO wants to resolve fund debacle soon -Breaking

by Mike Robinson

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© Reuters. Oliver Baete (CEO of Europe’s most important insurer Allianz SE) attends the company’s annual news conference, which took place in Munich, Germany on February 15, 2019. REUTERS/Michael Dalder

FRANKFURT – Allianz (ETR) stated Wednesday to shareholders that it wants to quickly resolve the investigation into Structured Alpha investments.

Allianz reported that U.S. Justice Department and Securities and Exchange Commission have investigated the death of the funds. Investor lawsuits also followed.

Renate Wagner (board member) stated that the company has paid out approximately $4.5 Billion in plaintiffs’ and investor compensation to date. Renate was responding to shareholder questions.

Allianz set aside in February a provision amounting to 3.7 billion Euros ($3.90 Billion) for anticipated costs.

($1 = 0.9492 euros)

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