Allianz Insurance has announced that it will sell most of its Russian business to the owner of a Russian insurance company, as it seeks to remove its presence in the country after the invasion of Ukraine.
Allianz, which had already stopped accepting new activities in Russia, stressed last month that it was very likely that it would leave the country completely.
But with the deal announced today, Allianz said it would maintain 49.9%.
He also said that the sale is to Interholding, the owner company of the Russian Zetta Insurance, without giving financial details.
The partial sale would result in a € 400 million blow to Allianz’s net profit.
Businesses are trying to get rid of Russian assets after the invasion. “The agreement, which comes after Allianz’s decision to restrict operations in Russia, aims to ensure continuity for customers and employees,” the insurance company said.
In 2021 it earned 0.17% of the income from its Russian activities.
Source: Capital
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