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Bond Market News

Allianz Posts Results with $4.2bn Hit in Investment Fund Case

February 18, 2022

Allianz reported a net loss of €292mn ($332mn) in Q4 2021 while analysts expected a profit. Profit for the full year was at €6.6bn ($7.5bn), the lowest since 2013. Revenues during Q4 rose 7.9% to €38.4bn ($43.7bn). The insurer said it would set aside a pre-tax provision €3.7bn ($4.2bn) to deal with legal settlements regarding from the collapse of a multi-billion-euro set of investment funds. Excluding this one-time item, net income rose 38.2% to €2.5bn ($2.8bn) it said. Investors in its Structured Alpha set of funds have claimed ~$6bn in damages from the losses in a slew of cases filed in the United States. It announced a new share buyback program of €1bn ($1.1bn) with the management proposing a 12.5% dividend raise to €10.8/share.

Allianz’s dollar bonds were trading stable with its 3.5% Perp at 94.7, yielding 5.1%.

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