At the World Economic Forum in Davos, Switzerland, on January 22, the CEO of German insurer Allianz expressed his anticipation of facing fewer regulatory fines under the administration of U.S. President Donald Trump compared to that of Joe Biden, which he labeled as "extortion."

In 2022, Allianz reached a settlement with U.S. authorities, agreeing to pay $6 billion to resolve allegations of fraud by its U.S. asset management unit involving a group of funds that collapsed early in the COVID-19 pandemic.

CEO Oliver Bate mentioned during a panel discussion that there was an observation of "a lot more extortion under Biden" than anticipated under Trump, specifically referencing fines imposed by the U.S. Department of Justice.

Allianz's settlements with the U.S. Department of Justice and the U.S. Securities and Exchange Commission in 2022 set records as some of the largest in corporate history, surpassing previous settlements under Biden's administration.

Furthermore, Bate mentioned that although Trump's global popularity may be lower, he anticipated Trump to have a positive impact on the financial services industry.