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Allianz Gets Shareholder Backing After $3.9 Billion Funds Blowup

May 4, 2022, 3:55 PM

Allianz SE’s shareholders backed the management of the German insurer at the annual general meeting after the implosion of some of its U.S. hedge funds led to multibillion-dollar losses.

About 97.6% of shareholders voted to approve the management board’s actions at the meeting on Wednesday. That is slighty below the 98.6% approval ratio at last year’s gathering. The supervisory board was also approved.

Allianz in February took a 3.7 billion-euro ($3.9 billion) charge to cover a settlement reached with some investors who claimed they lost billions of dollars from the collapse of the funds offered by a subsidiary. ...