February 6, 2020 / 2:03 PM / 14 days ago

Allianz considers cutting back on quarterly reports to twice a year

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

MUNICH (Reuters) - German insurer Allianz (ALVG.DE) is considering cutting back its reporting from quarterly to twice a year, a spokesman said on Thursday.

The insurer is pursuing the matter because of a looming change in accounting standards for insurers that make reporting quarterly more complicated and costly.

Allianz is in talks with Deutsche Boerse (DB1Gn.DE), the German stock exchange operator, about possible relief from quarterly reporting that is required of companies listed in the benchmark DAX index .GDAXI.

Deutsche Boerse said it was “currently holding intensive discussions on possible changes to the applicable accounting standards and the effects on issuers.”

WirtschaftsWoche first reported the news.

Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Susan Fenton

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