In the subsequent litigation, the respondents argued broadly that the Town Hall meeting was not intended to be a binding variation of the employees terms and conditions, that they did not intend the pool to be a guaranteed minimum, merely that they would fund up to that amount, and that post-Lehman trading conditions meant they could invoke the MAC clause.
In total, third-party funds under management at Allianz reached 1.4 trillion euros.
In this judgment Elias LJ reviews those conclusions and the respondent's continued submissions that, among other things, there had been no intention to establish legal relations through the original announcement, the terms were not apt for incorporation through uncertainty and that the judge was not entitled to consider matters not known to the employees when interpreting the offer.
He rejects most of these matters before concluding overall, at [142-143] that"In my judgment, the appeal fails on both the grounds I have analysed in this judgment.
Both the property and casualty insurance and the life and health insurance arms boosted their underlying profits, with lower claims helping property and casualty to 28-percent growth.
Later Friday morning, Allianz announced a British joint venture with the Liverpool Victoria Friendly Society (LV=), creating what the firm said would create the UK's third-largest personal insurer.