hon. Munich Oliver Bäte, the CEO of Allianz, earned EUR 7.9 million in the past financial year, around EUR 1.5 million more than in the previous year. This emerges from the annual report that Europe’s largest insurance group published on Friday.
Bäte’s salary jump roughly corresponds to the business success of Allianz, which recently reported a record operating profit of 13.4 billion euros and thus exceeded the target set by the board. However, net income shrank by 3 percent to 6.6 billion euros because Allianz set aside 3.7 billion euros for legal disputes in the USA. The dispute with American investors revolves around the highly speculative Structured Alpha funds of the crisis-ridden asset manager Allianz Global Investors (AGI). Two dozen professional investors, including pension funds, have sued Allianz over losses from those hedge funds. They accuse the group that the AGI fund managers did not comply with their own guidelines and did not react appropriately to market developments.