Allianz : Reassessment of risks relating to Structured Alpha Funds
08/01/2021 | 11:42am EDT
Group Communications and Reputation
Reassessment of risks relating to Structured Alpha Funds
Munich, August 1, 2021
Subsequent to the litigation pending in U.S. courts in relation to the Structured Alpha Funds against Allianz Global Investors U.S. LLC and other Allianz Group companies and the investigation launched by the U.S. Securities and Exchange Commission ("SEC") in 2020, the U.S. Department of Justice ("DOJ") has begun an investigation concerning the Structured Alpha Funds, and Allianz Global Investors U.S. LLC has received a voluntary request for documents and information from the DOJ. Allianz is fully cooperating with the SEC and the DOJ in the investigations and has immediately started its own review of this matter.
In light of the DOJ investigation and based on information available to Allianz as of today, the Board of Management of Allianz SE has reassessed the matter and has come to the conclusion that there is a relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group. However, it is currently neither feasible to predict how the SEC and DOJ investigations and the pending court proceedings may be resolved nor the timing of any such resolution. It is in particular not feasible to reliably estimate the amount of any possible resolution including potential fines. Therefore, no provision has been recognized at the current stage.
Chairman of the Superv isory Board: Michael Diekmann. Board of Management: Oliv er
Bäte, Chairman; Sergio Balbinot, Jacqueline Hunt, Dr. Barbara Karuth-Zelle,
80802 Munich; Germany
Dr. Klaus-Peter Röhler, Iv an de la Sota, Giulio Terzariol, Dr. Günther Thallinger,
Phone: +49 89 3800 18475
Christopher Townsend, Renate Wagner (Release / Stand 01.2021). For VAT-Purposes:
Fax: +49 89 3800 2114
VAT-Registration Number: DE 129 274 114; Insurance serv ices are exempt f rom VAT.
Allianz SE, Munich, Comm.Reg.: Munich HRB 164232
The Allianz Group is one of the w orld's leading insurers and asset managers w ith more than 100 million 1 private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the w orld's largest investors, managing around 785 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.8 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, w e are amongst the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.
These assessments are, as alw ays, subject to the disclaimer provided below .
This document includes forw ard-looking statements, such as prospects or expectations, that are based on management's current view s and assumptions and subject to know n and unknow n risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forw ard - looking statements.
Deviations may arise due to changes in f actors including, but not limited to, the follow ing: (i) the general economic and competitive situation in the Allianz's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation w ith respect to the Allianz Group, other w ell-know n companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting fr om natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in law s and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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1 Including non-consolidated entities with Allianz customers.