Alliance pays €140m to close US unit after fraud – Money Times

The Alliance It announced on Friday that it spent about 140 million euros on restructuring to close a unit fund. America He was involved in a multi-billion dollar fraud.

In May, the German insurer agreed to close Alliance Global Investorsas part of a guilty plea to securities fraud and a $6 billion settlement with U.S. authorities and regulators.

The allegation revealed in the balance sheet for the second quarter is a holdover from the fallout from a lawsuit that tarnished one’s reputation. Companies Very valuable in Germany for several months.

Shareholder net profit of €1.706 billion in the quarter was below the consensus estimate of €1.846 billion and down from €2.225 billion a year earlier.

But the insurer’s target of an operating profit of between 12.4 billion and 14.4 billion euros in 2022 remained the same.

“We are well positioned to manage the impact of higher inflation and economic pressures. Europe“, said Chief Executive Oliver Pate.

Volatile markets hit Allianz in the quarter, leading to a write-down of 282 million euros and a 12% drop in operating profit in its life and health insurance division.

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