Interholding takes over the majority of the Russian business.
(Photo: ullstein bild/Getty Images)
Berlin/Munich Allianz does not want to completely withdraw from Russia, but it does want to reduce its involvement there. The Dax group is selling a majority stake in its Russian business to Interholding, the owner of Russian property insurer Zetta Insurance. The insurer did not name a price, but did mention a negative effect of the transaction of around 400 million euros.
Allianz will still own 49.9 percent of the combined company after the transaction is completed, the Munich-based company announced on Friday. The negative impact on the income statement is primarily due to the reclassification of negative currency effects already recognized in equity. The solvency capitalization and cash position are not affected. The approval of the supervisory authorities is still pending.
CEO Oliver Bäte said at the annual general meeting in early May that Allianz would no longer do any new business in Russia and would no longer invest after the country invaded Ukraine. “We are reducing our business in an orderly but decisive manner,” Bäte had announced. The announcement did not indicate whether the minority stake should remain permanent. The aim of the agreement is to ensure continuity for customers and employees.
According to Allianz, Zetta Insurance has more than 120 points of sale in Russia, with over 6500 agents in more than 150 Russian cities. The company serves more than a million customers in addition to small and medium-sized businesses.
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A number of companies had recently withdrawn from Russia. Rival Zurich, for example, sold its Russian business to eleven employees. Talanx sold its Russian life insurance subsidiary CiV Life to Sovcombank at the end of December.
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