December 3, 2013 / 4:32 PM / in 4 years

Generali says has not been notified of German probe

MILAN, Dec 3 (Reuters) - Generali, Europe’s third-largest insurer, said on Tuesday the group had not received any notification regarding reports of a tax probe in Germany.

German bank Commerzbank, a long-standing commercial partner of Generali, said on Tuesday its offices were searched as part of an investigation into the sale of wealth management products “disguised” as tax-efficient life insurance policies.

German financial daily Handelsblatt cited industry sources as saying that the probe was focused on Italy’s Generali and that investigators expect to find evidence of tax evasion in the hundreds of millions of euros.

“We note today’s reports in the media. We confirm that neither Generali Pan Europe nor any other entity in the Generali Group has received any notification by any authority relating to these reported allegations,” Generali said in a statement. (Reporting By Lisa Jucca)

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