The largest German insurer Allianz AG and other insurance companies are facing an investigation launched by German tax authorities over the tax-evasion matter.

Tax authorities will examine some 25,000 accounts of the companies’s clients suspecting them of taking funds from the foreign accounts to avoid income tax payment.

"There is no indication that insurers helped to evade taxes. But certain customers may have used the overseas branches of German companies to help bring undeclared income back to Germany," said Martin Fliedner, a spokesman for the finance authorities of North Rhine Westfalia, who launched the probe.

Allianz said it was not accused of any wrongdoing and will do its best to help the investigators clear up the situation.

Allianz has already provided some 1,000 customer accounts data and now is supposed to give the information on over 20,000 acoounts.