(Reuters) — Allianz has finalized a deal to sell a majority stake in its Russian operations to local company Interholding, which owns Russia’s Zetta Insurance, Allianz Russia said on Thursday.
After a lengthy approval process, Allianz will transfer full control of its Russian portfolio to Zetta Insurance Group, Allianz Russia says. It did not disclose financial details.
Allianz said in November that the deal was delayed by regulators.
Zetta Insurance, Allianz and Allianz Life will be merged into one company after the deal, it added.
Allianz stopped accepting new business in Russia shortly after Moscow sent tens of thousands of troops to Ukraine and said a full exit was likely, but it later said it would retain a 49.9% stake in its Russian business but stop participating in the unit̵7;s operational Operation.
The partial sale would result in a hit to Allianz’s net profit of 400 million euros ($440.32 million), the company has said.