By Tom Sims and Alexander Hübner

FRANKFURT /Reuters -Allianz has already stopped accepting any new business from Russia and will likely exit completely, according to the German finance chief.

Giulio Terzariol, Chief Financial Officer, stated that the company was stopping new Russian insurance and new investment in Russia following the invasion.

When asked by reporters about closing the operations, Chief Financial Officer Giulio Terrariol stated that the probability was very high.

Allianz (ETR) presented to analysts that it could suffer a loss of 400 million euros ($417.44million) or 500 million euros due to the discontinuation of Russian insurance subsidiaries.

Allianz is currently working with U.S. regulators to end a multibillion dollar trading scandal at its funds arm.

In the third quarter of 2018, net profit dropped to 5.61 billion euros, from 2.57 trillion euros one year earlier.

On Thursday, the net profit was more accurate and lower than 600 million euros that it reported a day prior when it stated it would reserve another 1.9 billion euros in order to address its U.S. legal problems.

Before the release of this provision, analysts had expected to make a profit in excess of 1.9 billion euros for the quarter.

Allianz has confirmed that it will be generating an operating profit of 13.4 Billion euros for the year.

($1 = 0.9582 euros)