Do we like Allianz?
Global insurer and asset manager (Allianz Global Investors, PIMCO), headquartered in Munich, Germany.
Our score: 4 out of 10. A huge, solid insurer, but a US unit pleaded guilty to fraud and Australian arms were fined for misleading customers. We'd hold back.
Allianz is a Munich-based insurance and asset management giant. Oliver Bäte has been CEO for years, and the supervisory board extended his contract through the 2028 shareholder meeting.
The big blot is Structured Alpha. In 2022 its US arm, Allianz Global Investors U.S., pleaded guilty to one count of criminal securities fraud. Allianz said the DOJ found no knowledge of the misconduct at Allianz SE, and that it was limited to a few people who have since left.
Press reports put the total bill above $6bn. About $5bn went to compensating investors, and the guilty plea carries a 10-year ban on advising US-registered funds.
In Australia, Allianz Australia and its distributor AWP were convicted and fined $16.8m after pleading guilty over travel insurance claims. Separately, a $170m class action settlement was approved. In the US, Allianz Life agreed a $10m settlement with California's insurance department over annuity sales.