Huge losses: Debris in an area affected by floods caused by heavy rainfall in Schuld, Germany. Allianz says potential claims from the deadly German floods will likely amount to more than €500mil (RM2.51bil). — Reuters
MUNICH: Allianz SE said earnings could be materially hurt by a United States Justice Department (DoJ) investigation into its Structured Alpha Funds, which are at the centre of lawsuits after they incurred steep losses at the start of the coronavirus pandemic.
Europe’s largest insurer said that it received a “voluntary request for documents and information” from the DoJ and is cooperating with the probe, as well as with the investigation launched last year by the Securities and Exchange Commission. It has also started its own review of the matter.
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