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Allianz shells out 140 million euros to shut U.S. fund unit after fraud

By Tom Sims and Alexander Hübner FRANKFURT (Reuters) -Allianz spent around 140 million euros ($143.11 million) on restructuring to wind down a U.S. funds unit at the centre of a...
Allianz shells out 140 million euros to shut U.S. fund unit after fraud © Reuters. FILE PHOTO: The logo of Allianz is seen on a building in Paris, France, April 30, 2020. REUTERS/Charles Platiau

By Tom Sims and Alexander Hübner

FRANKFURT (Reuters) -Allianz spent around 140 million euros ($143.11 million) on restructuring to wind down a U.S. funds unit at the centre of a multi-billion fraud, the German insurer disclosed on Friday, an expense that added to a worse-than-expected 23% fall in quarterly profit.

Allianz (ETR:ALVG) in May agreed to shut down the unit, Allianz Global Investors in the United States, as part of a guilty plea for securities fraud and a $6 billion settlement with U.S. law enforcement and regulators.

The charge, unveiled in its second-quarter earnings report, is a remnant of the fallout of the case, which has dogged the finances and reputation of one of Germany's most valuable companies for months.

The expense came on top of volatile markets that also dampened earnings. Net profit attributable to shareholders of 1.706 billion euros in the quarter to June 30 missed a consensus forecast of 1.846 billion and was down from 2.225 billion a year earlier.

Shares fell 2.5% midmorning in Frankfurt, among the biggest losers on the DAX index of blue-chip stocks.

But the insurer's target of 2022 operating profit between 12.4 billion and 14.4 billion euros remains intact, the company said.

"We are well-positioned to manage the impact of high inflation and the economic pressures that are particularly evident in Europe," Chief Executive Officer Oliver Baete said.

Volatile markets took a toll on Allianz in the quarter, prompting it to take a 282 million euro impairment charge and also contributing to a 12% drop in operating profit at its life and health division.

Analysts with Jefferies, which rate Allianz a "buy", noted that the non-operating losses and corporate costs "were far higher than expected" and called the results a "mixed beat".

($1 = 0.9783 euros)

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13-08-2022 16:06:26 (UTC+7)

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EUR/USD

1.0261

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USD/JPY

133.46

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0.7121

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 EUR/USD1.0261↑ Buy
 GBP/USD1.2135↑ Sell
 USD/JPY133.46↑ Sell
 AUD/USD0.7121↑ Sell
 USD/CAD1.2774↑ Buy
 EUR/JPY136.93Sell
 EUR/CHF0.9659↑ Sell
 Gold1,818.40↑ Buy
 Silver20.835↑ Buy
 Copper3.6783↑ Buy
 Crude Oil WTI91.88↑ Buy
 Brent Oil98.01Buy
 Natural Gas8.780↑ Buy
 US Coffee C227.53↑ Buy
 Euro Stoxx 503,776.81Sell
 S&P 5004,280.15↑ Buy
 DAX13,795.85Neutral
 FTSE 1007,500.89Neutral
 Hang Seng20,175.62↑ Buy
 Small Cap 20002,013.09↑ Buy
 IBEX 358,400.40↑ Sell
 BASF44.155↑ Buy
 Bayer54.15↑ Buy
 Allianz181.08↑ Sell
 Adidas173.20↑ Buy
 Lufthansa6.588↑ Sell
 Siemens AG111.84↑ Sell
 Deutsche Bank AG9.061↑ Buy
Mua/Bán 1 chỉ SJC
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SJC Eximbank6,620/ 6,720
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