Investors are now turning their attention back to the operative business. There are challenges here too.
(Photo: dpa)
Munich The vast majority of Allianz shareholders breathed a sigh of relief last Tuesday. On that day, the Munich insurer announced that it had reached an agreement with the US authorities in a dispute over – as is now known – fraudulent hedge fund strategies by the fund subsidiary AGI in the USA. In the end, the financial damage should be almost six billion euros.
“The amount of the fines is sensitive, but manageable,” says Steffen Weyl, evaluating the expensive agreement in the embarrassing disaster. He is the fund manager of the cooperative Union Investment, whose company currently owns around 1.8 percent of Allianz shares.
With the agreement in the USA, months of uncertainty have been eliminated. So, with record earnings, high dividends and regular share buyback programs, is now the time to buy Allianz stock?
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