Allianz: 2021 results impacted by the booking of a provision for litigation in the US

During the fourth quarter of 2021, Allianz has recorded a net loss of 292 million EUR (330.6 million USD) compared to a net profit of 1.8 billion EUR (2.2 billion USD) in 2020. For the whole year 2021, the net result stood at 6.6 billion EUR (7.5 billion USD), decreasing by 2.9% over one year.

This decline is due to the establishment of a provision of 3.7 billion EUR (4.2 billion USD) for a litigation related to the "Alpha" structured funds distributed by the asset management subsidiary Allianz Global Investors (USA).

American investment funds are suing Allianz for losses worth several billion dollars following the collapse of the Alpha funds during the pandemic. These funds were originally designed to withstand a stock market crash.

As at 31 December 2021, the German group's operating profit has increased by 24.6% to reach 13.4 billion EUR (15.2 billion USD). Allianz has posted a turnover of 148.5 billion EUR (168.1 billion USD) in 2021, which represents a 5.7% increase compared to the 140.5 billion EUR (172.5 billion USD) recorded in 2020.

The Board of Directors is planning to propose a 10.8 EUR (12.2 USD) per share dividend for the year 2021. The group also intends to carry out a share buy-back program in 2022 amounting to 1 billion EUR (1.1 billion USD).