Allianz

Allianz said its earnings could be materially hurt by a United States Department of Justice (DOJ) investigation into its Structured Alpha Funds, which are at the centre of lawsuits after they incurred steep losses at the start of the coronavirus pandemic.

Europe's largest insurer said on Sunday that it received a "voluntary request for documents and information" from the DOJ and is cooperating with the probe, as well as with the investigation launched last year by the Securities and Exchange Commission.

It has also started its own review of the matter.

BLOOMBERG

AXA

French insurer AXA yesterday posted a 180 per cent surge in net income in the first half as the company rebounded from last year's Covid-19 hit in earnings when it booked a €1.5 billion (S$2.4 billion) charge following a spike in pandemic-related claims.

AXA, Europe's second-largest insurer after Allianz, said net profit stood at €3.99 billion in the first half, up from €1.43 billion a year ago.

AXA said its company-focused XL Group unit, hit last year by business interruption and event cancellation claims, posted a €619 million underlying income from a €843 million loss a year ago.

REUTERS

Renault

German-Australian start-up Vulcan Energy Resources said yesterday that it has signed a deal to supply lithium to Renault, the latest move by an electric vehicle maker to lock down supply of the battery metal ahead of a projected surge in demand.

Vulcan will supply 6,000 to 17,000 tonnes of lithium annually to the French carmaker from its geothermal brine deposits in Germany starting in 2026, the companies said. The five-year deal is renewable if both parties agree.

REUTERS