- Agreement aimed at ensuring continuity for clients and employees
- Transaction subject to regulatory approval
(PRESS RELEASE) MUNICH, 3-Jun-2022 — /EuropaWire/ — Allianz Group (ETR: ALV), one of the leading integrated financial services providers worldwide, has announced the divestment of its business in Russia to Interholding LLC, the owner of Russian P/C insurer Zetta Insurance. Following the completion of the transaction, Allianz will remain a minority shareholder with a stake of 49.9 percent in the combined company.
The transaction is subject to regulatory approvals.
The transaction is estimated to have a negative impact of about 0.4 billion euros on Allianz’s profit and loss account, largely due to the reclassification of negative foreign exchange impact from shareholders’ equity. The Allianz Group’s solvency capitalization and cash position will not be impacted.
The agreement, which follows Allianz’s decision to scale back operations in Russia, is aimed at ensuring continuity for clients and employees.
Interholding-owned Zetta Insurance has more than 120 points of sales in Russia, with over 6,500 agents in more than 150 Russian cities. The company, which has over 1 million customers in addition to small and medium enterprise clients, has partnerships with 350 car dealers and 30 commercial banks in the country.
The Allianz Group is one of the world’s leading insurers and asset managers with 126 million* private and corporate customers in more than 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 767 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.9 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 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
*Including non-consolidated entities with Allianz customers.
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SOURCE: Allianz SE