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Allianz Decides To Book Additional Provision Of EUR 1.9 Bln In Q1 Before Tax

Allianz SE (ALIZY), on Wednesday, announced that it has decided to book an additional provision of EUR 1.9 billion in the first quarter of 2022 before tax.

Allianz SE believes that this provision booked is a fair estimate of its remaining financial exposure in relation to compensation payments to investors and to payments under any resolution of the governmental proceedings.

The company further noted that it is seeking a timely resolution to the governmental proceedings in ongoing discussions with the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

"Allianz SE will inform about a resolution and its consequences for Allianz Global Investors beyond the aforementioned payment obligations once an agreement with the authorities has been reached," the company added.

The provision will negatively impact the Q1 Group net income by EUR 1.6 billion after tax, resulting in a net income attributable to shareholders of EUR 0.6 billion.

Group operating profit in the first Quarter 2022 amounted to EUR 3.2 billion, while the Solvency II capitalization ratio stood at 199%. Net income attributable to shareholders will be adjusted for the Structured Alpha provision for the calculation of the dividend payout.

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