DAVOS, Switzerland Jan 22 (Reuters) - The CEO of German

insurer Allianz said on Wednesday that he expected

fewer regulatory fines under U.S. President Donald Trump than

under Joe Biden's administration, which he called "extortion".

Allianz in 2022 settled with U.S. authorities and agreed to

pay $6 billion over allegations that its U.S. asset management

unit defrauded investors in a group of its funds that collapsed

early in the COVID-19 pandemic.

There was "a lot more extortion under Biden than we expect

under Trump," CEO Oliver Bate said on a panel at the World

Economic Forum in Davos, citing as an example U.S. Department of

Justice fines.

Allianz's settlements with the U.S. Department of Justice

and U.S. Securities and Exchange Commission in 2022 were among

the largest in corporate history, and dwarfed earlier

settlements obtained under Biden's administration.

Bate also said that while Trump's government was likely to

be less popular internationally, he expected him to be good for

the financial services industry.