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Allianz will retain 49.9% of the shares in the Russian operations after the sale



(Reuters) – Allianz SE said on Friday that it would sell a majority stake in its Russian operations to the owner of a Russian insurance company, as it sought to reduce its footprint in the country following the invasion of Ukraine.

Allianz, which had already stopped accepting new deals in Russia, flagged last month that it would most likely leave the country altogether.

But with Friday’s announced deal, Allianz said it would retain a 49.9% stake.

Allianz said the sale was to Interholding, the owner of Russia’s Zetta Insurance. It did not disclose any financial details.

The partial sale would result in a hit on Allianz’s net profit of 400 million euros (429.8 million dollars), the company said.

Companies have been fighting for the abolition of assets in Russia since the invasion, which Russia has called a “special operation”

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“The agreement, which follows Allianz’s decision to reduce operations in Russia, aims to ensure continuity for customers and employees,” Allianz said.

In 2021, Allianz generated 0.17% of the revenue from its Russian operations.

A spokesperson said that the closure of the sale and the resulting financial effect were expected later this year.


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