Allianz: books large litigation provision in Q1
(CercleFinance.com) - Allianz said on Wednesday that it expects to book an additional 1.
9 billion euro charge in its Q1 accounts for provisions set aside to settle an ongoing dispute in the US.
On the eve of its Q1 results announcement, the German insurer says the provision should slice 1.6 billion euros off its quarterly net profit.
The group says it expects a net income, group share, of 600 million euros for Q1, anticipating operating profit of around 3.2 billion euros.
In a statement, Allianz justifies these provisions by its intention to compensate investors of the Structured Alpha funds of its American subsidiary Allianz Global Investors US, with whom certain amicable settlements have already been reached.
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9 billion euro charge in its Q1 accounts for provisions set aside to settle an ongoing dispute in the US.
On the eve of its Q1 results announcement, the German insurer says the provision should slice 1.6 billion euros off its quarterly net profit.
The group says it expects a net income, group share, of 600 million euros for Q1, anticipating operating profit of around 3.2 billion euros.
In a statement, Allianz justifies these provisions by its intention to compensate investors of the Structured Alpha funds of its American subsidiary Allianz Global Investors US, with whom certain amicable settlements have already been reached.
Copyright (c) 2022 CercleFinance.com. All rights reserved.