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Reuters
Reuters
Business

Allianz Australia slapped with tougher capital requirement

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo GLOBAL BUSINESS WEEK AHEAD

(Reuters) - The Australian unit of Allianz SE <ALVG.DE> will have to set aside an additional A$250 million ($169.9 million) due to shortfalls in its risk governance self-assessment, the country's prudential regulator said on Wednesday. The move will see Allianz Australia join Australia's four biggest banks which have been slapped with additional capital requirements until they strengthen risk management and reimburse customers for wrongly charged fees.

(Reporting by Shreya Mariam Job in Bengaluru; Editing by Stephen Coates)

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