3.7 billion euros for settlements with US investors

alliance

The provisions have burdened the net profit of 2.8 billion euros for the past year.

(Photo: dpa)

Munich Allianz is taking a big step forward with the processing of failed hedge fund strategies – and has also presented record figures for the past year. “Despite ongoing challenges in 2021, Allianz has proven its resilience and adaptability,” said CEO Oliver Bäte.

The insurer reported a record profit of 13.4 billion euros on Thursday evening. At the same time, the group announced that it had set aside provisions of 3.7 billion euros for possible penalties and compensation payments in connection with hedge fund losses. So far, claims payments of up to six billion euros have been in the room.

The impasse over legal disputes in the USA should thus be coming to an end. For the past year and a half, around two dozen US investors have been demanding billions in compensation for losses they suffered – including the Arkansas State Teachers’ Pension Fund, New York’s Metro and the Teamster union.

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