According to insiders, Allianz is now also dealing with the German financial regulator BaFin because of a dispute over US hedge funds.
The Bonn financial supervisory authority has started its own investigations into the case, as several people familiar with the matter told the Reuters news agency.
In the USA, the largest European insurance group already has the SEC and the Justice Department in-house.
The investigations could burden the financial results and are also a damage to the image of the Dax group from Munich.
The background to the investigation is a conflict between the asset management subsidiary Allianz Global Investors (AllianzGI) and US investors in several hedge funds.
The funds launched under the name "Structured Alpha" suffered losses when the markets went to their knees in the first corona shock.
Pension funds and other investors are therefore suing Allianz and claiming losses of up to six billion dollars.
Allianz's board of directors warned in early August that matters related to the funds could have a material impact on future financial results.
Knowledge of Allianz executives
At BaFin, several employees from different departments are busy with the subject, the insiders told Reuters.
Officials checked whether Allianz executives outside of the fund were aware of or were involved in the events that led to the billions in losses.
The investigation at BaFin is still in the phase in which facts are being compiled.
But they have picked up speed since Allianz announced the US investigations at the beginning of August.
BaFin and Allianz declined to comment.