DGAP-Ad-hoc: Allianz SE / Key word(s): Share Buyback/Legal Matter
With respect to the pending court and governmental proceedings in the U.S. in relation to the Structured Alpha Funds Allianz anticipates settlements with major investors in those Funds shortly. In anticipation thereof and in light of current discussions with U.S. governmental authorities Allianz today decided to book a provision of EUR 3.7 billion in the financial statements 2021. This provision reduced the 2021 Group net income by EUR 2.8 billion.
The anticipated settlements are an important step towards a resolution of the various proceedings. Discussions with remaining plaintiffs, the U.S. Department of Justice and the U.S. Securities and Exchange Commission remain ongoing and the timing and nature of any global or coordinated resolution of these matters is not certain. Therefore, as of today, the total financial impact of the Structured Alpha matter cannot be reliably estimated and Allianz SE expects to incur additional expenses before these matters are finally resolved.
In fiscal 2021 operating profit of Allianz Group increased by 24.6% to EUR 13.4 billion. Shareholder's net income declined by 2.9% to EUR 6.6 billion. The Solvency II ratio reached 209%. In line with the dividend policy announced on 2nd December 2021 the Board of Management intends to propose a dividend in the amount of EUR 10.80 per share after EUR 9.60 last year.
Allianz SE has further resolved today on a new share buy-back program for 2022. The volume of such new program will amount to up to EUR 1 billion. Allianz SE will cancel all repurchased shares.
Explanations of the alternative financial ratios used (Alternative Performance Measures (APM)) can be found on the website of Allianz SE (available at Alternative Perfomance Measures (allianz.com))
Person making the notification: Michael Sieburg, Compliance Officer, Allianz SE
These assessments are, as always, subject to the disclaimer provided below.
Information and Explanation of the Issuer to this News:
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
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17-Feb-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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1282737 17-Feb-2022 CET/CEST