FRANKFURT (S&P Global Ratings) Aug. 2, 2021--S&P Global Ratings said today that the future financial results of global multiline insurance group Allianz SE (AA/Stable/A-1+) might be materially affected by the U.S. Department of Justice's investigation into Allianz Global Investors' Structured Alpha Funds. The possible resolution may include a fine that would eat into the group's future earnings and possibly capitalization. Our view is aligned with Allianz' Aug. 1 announcement that "there is a relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results." We understand that the financial consequences and timing of the investigation are highly unpredictable at this stage. We recognize that Allianz has generally very strong capitalization and earnings capacity across
