Generali says life products sold in Germany were tax-law compliant
MILAN Dec 12 (Reuters) - Italian insurer Assicurazioni Generali denied media reports on Thursday that some of its life insurance products sold by Germany's Commerzbank had breached local tax laws.
German prosecutors searched Commerzbank offices earlier in December, looking for evidence that a foreign life insurance company may have helped German investors evade taxes.
Financial daily Handelsblatt last week cited industry sources as saying that the probe was focused on Generali and that investigators expected to find evidence of tax evasion in the hundreds of millions of euros.
"Generali confirms that these were life insurance policies compliant with EU laws and German tax laws," a spokeswoman for Italy's biggest insurer said in an email.
It said these policies were distributed by Commerzbank as an agent for its subsidiary Generali PanEurope, reiterating that it had not received any notification regarding the probe.
"As previously stated, Generali has not received any request or notification from any German authority in relation to this matter but will, of course, assist the German authorities with any request for information." (Reporting by Danilo Masoni; Editing by Greg Mahlich)
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