Allianz CEO describes "horrible week for us" on U.S. DOJ probe

FRANKFURT - Allianz chief executive officer Oliver Baete on Friday said it was a horrible week for the insurer and for him personally, in his first response to an investigation by the U.S. Department of Justice into losses at the insurer's fund management division.

Baete, speaking to reporters in a call after the company's second-quarter earnings, said it would set aside reserves for the case when the time is appropriate.