(Bloomberg) -- Allianz SE said the U.S. Justice Department opened a probe into its Structured Alpha Fund following a probe last year by the Securities and Exchange Commission, adding that the insurer’s earnings could be materially hurt as a result.
Allianz has also started its own review of the matter. In light of the investigation and the information currently available, the board of Allianz now sees a “relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group.”
However, the company said it is not feasible to estimate the “amount of any possible resolution including potential fines. Therefore, no provision has been recognized at the current stage.”
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