Allianz profit plummets 78% as multibillion-dollar fund blowup hits

Global insurance giant Allianz is ready to move forward from its multibillion-dollar Structured Alpha funds fiasco even if it means a massive blow to its earnings at the very start of the year. The insurer has taken a €1.6 billion hit to its first quarter profits after booking another €1.9 billion to cover expected expenses at its funds arm.