The provisions have burdened the net profit of 2.8 billion euros for the past year.
(Photo: dpa)
Munich The losses of US investors with hedge funds from its subsidiary AllianzGI at the beginning of the Corona crisis are expected to cost Allianz at least 3.7 billion euros. According to the insurer, it is about to be compared with large investors in the “structured alpha” funds.
The negotiations with regulatory authorities in the United States, which had been called to the scene by the losses, were still ongoing, Allianz announced on Thursday evening. Of the provisions of 3.7 billion euros made for this purpose, net profit was burdened with 2.8 billion euros last year. The “Structured Alpha” funds were mainly sold to large US pension funds.
The Munich insurer had been sued for more than six billion dollars. The buyers of the hedge funds accused Allianz of not having kept their promises. “The forthcoming settlements are an important step on the way to ending all proceedings,” Allianz said.