Allianz SE said earnings could be materially hurt by a U.S. Justice Department investigation into its Structured Alpha Funds, which are at the center of lawsuits after they incurred steep losses at the start of the coronavirus pandemic.

Europe’s largest insurer said on Sunday that it received a “voluntary request for documents and information” from the DOJ and is cooperating with the probe, as well as with the investigation launched last year by the Securities and Exchange Commission. It has also started its own review of the matter.

The company now sees a “relevant risk that the matters relating to the Structured Alpha Funds could materially impact future financial results of Allianz Group,” the company said in the statement. However, it’s not feasible to estimate the “amount of any possible resolution including potential fines. Therefore, no provision has been recognized at the current stage.”

The company’s asset manager Allianz Global Investors is defending itself from lawsuits by large pension funds and other investors challenging how it invested client money during the Covid-19 market downturn.

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