Allianz insurance has come under the scrutiny of the US Department of Justice.
The company is sued for billions of dollars over pension funds.
Decisive: Corona.
Munich / Washington - Allianz SE has got into troubled financial waters.
The Munich insurance group is threatened with heavy losses due to burdens from the US asset management business.
The reason: American pension funds are demanding billions of dollars in compensation.
Following lawsuits and an investigation by the SEC, the US Department of Justice has apparently also opened an investigation into the Structured Alpha Fund.
As the company explained, Allianz wants to cooperate seamlessly with the responsible US authorities and has initiated its own review of the matter, which is also unpleasant from the investors' point of view.
Allianz: US authorities determined - there is a risk of significant losses due to hedge funds
The internal processing at the DAX group * Allianz seems to have already progressed: According to the German press agency, an assessment by the board of directors has shown that there is a relevant risk that the matters related to the Structured Alpha Fund will have a significant impact on the future financial results of the Allianz group .
A concrete analysis is not yet available: It is neither possible to predict the outcome of the investigations by the SEC and the DoJ and the pending legal proceedings, nor to estimate the corresponding point in time.
How the incident in the USA will affect the balance sheet of the insurance company founded in 1890 is also still unclear.
Penalties could therefore be the consequence that Allianz insurance has not yet formed a provision.
Allianz insurance: hedge funds went downhill due to Corona
What is the procedure about?
The subsidiary Allianz Global Investors (AGI) launched hedge funds under the name "Structured Alpha Fund".
In spring 2020 at the beginning of the Corona crisis, the papers plummeted with massive losses, as the
Handelsblatt
describes.
Two of the hedge funds have even been liquidated.
As a result, several large US investors sued Allianz, claiming damages would now amount to around six billion dollars.
A few months ago, CEO Oliver Bäte warned of a dangerous speculative bubble on the stock exchanges.
(PF / dpa)
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