Allianz balance sheet audit: record result with flaws

In the operational area, things are going well for the insurer.  Source: Getty Images (M)
Allianz balance sheet audit

In the operational area, things are going well for the insurer.

(Photo: Getty Images (M))

Munich, Frankfurt It could be a show with many words of thanks if it weren’t for one big flaw. When Allianz CEO Oliver Bäte appears before his shareholders on the first Wednesday in May, the multi-billion dollar debacle in the United States eclipses last year’s record profit and rapidly rising dividend.

Management and the Supervisory Board will have to answer many critical questions, especially since the financial magnitude is not yet predictable.

Hedge fund managers at Florida affiliate Allianz Global Investors (AGI) had promised institutional clients high returns with supposedly safe investments for years with so-called Structured Alpha products. But with the outbreak of the corona pandemic two years ago, the losses piled up, some of them heavy. Now there is a risk of high fines and compensation payments.

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