Source: www.reuters.com
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FRANKFURT (Reuters) -German insurer and asset manager Allianz on Thursday said it would set aside 3.7 billion euros ($4.20 billion) to deal with investigations and lawsuits resulting from the collapse of a multi-billion-euro set of investment funds.
The provision resulted in a net loss attributable to shareholders of 292 million euros in the fourth quarter, the company said. Analysts had expected a profit.
Allianz also said that the outcome of the investigations and lawsuits “cannot be reliably estimated” and that it “expects to incur additional expenses before these matters are finally resolved”.
($1 = 0.8804 euros)
Reporting by Tom SimsEditing by Chris Reese, Kirsten Donovan
