Allianz Sets Aside Extra €1.9B For US Investment Funds Probe

By Martin Croucher (May 11, 2022, 11:13 AM BST) -- Allianz SE said Wednesday it has set aside another €1.9 billion ($2 billion) to cover the cost of regulatory probes and lawsuits in the U.S., after the German insurance giant was accused of failing to shield investors from huge losses.

Allianz will use the total of €5.6 billion to meet potential settlements in U.S. cases brought against its asset management unit. (iStock.com / Naeblys) The company is under pressure from investors and regulators after it closed a set of U.S. investment funds at the start of the COVID-19 pandemic. The insurer said the additional provision — on top of the €3.7 billion it...

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