Allianz Group Completes Stake Disposal in Allianz Saudi Fransi to ADNIC, Streamlining Middle-East Operations

Allianz Group Completes Stake Disposal in Allianz Saudi Fransi to ADNIC, Streamlining Middle-East Operations

(IN BRIEF) Allianz Group has finalized the sale of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), marking a strategic move in its business operations in the Middle East. The transaction, which received regulatory approvals, follows the initial agreement reported on September 28, 2023. Notably, this divestment will not impact the employees or customers of Allianz Saudi Fransi. Allianz’s Global Lines businesses in Saudi Arabia, including Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners, and Allianz Re, will continue delivering tailored products and services, showcasing expertise in underwriting, claims, and asset management to customers in the Kingdom of Saudi Arabia.

(PRESS RELEASE) MUNICH, 18-Apr-2024 — /EuropaWire/ — Allianz Group announced today the completion of the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange. The signing of a binding agreement was initially reported on September 28, 2023.

The transaction, which has already cleared regulatory approvals, is part of Allianz Group’s business strategy to streamline its operation in the Middle-East.

Employees and customers of Allianz Saudi Fransi will not be affected by the transaction.

Allianz’s Global Lines businesses in the country like Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re will continue to offer tailored and best in class products and services and their deep expertise in underwriting, claims and asset management to their customers in the Kingdom of Saudi Arabia.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.

* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.

Media Contacts:

Frank Stoffel
Allianz SE
+49 89 3800 18124
frank.stoffel@allianz.com

Fabrizio Tolotti
Allianz SE
+49 89 3800 14819
fabrizio.tolotti@allianz.com

Johanna Oltmann
Allianz SE
+49 89 3800 13346
johanna.oltmann@allianz.com

SOURCE: Allianz SE