0933 GMT - Allianz's involvement in a court case that doesn't seem to be widely known by investors could be an unexpected risk factor though it is impossible to quantify the German insurer's exposure, Jefferies says. The court case challenges the reduction of a pension factor in some of Allianz Leben's unit-linked pension insurance contracts, Riester Pensions, in 2006. A court in January ruled that the change in the clause was invalid because it unreasonably disadvantages the customer. "While this case only applies to an individual policyholder, the implications of the ruling on the back book could extend more widely," analyst Philip Kett writes in a recent research note. A small fraction of unit-linked annuities sold in the past would be affected and there isn't any impact on new contracts sold as the clause has changed since, he adds. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

May 13, 2025 05:34 ET (09:34 GMT)

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