The German insurance giant Allianz sold its business in Russia
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One of the largest insurers in the world – the German concern Allianz Group – closed an agreement on the sale of a controlling stake in its Russian division “Alliance” to the local company “Interholding”. This was reported by the Russian publication Frank Media with reference to the press service of Allianz in Russia.
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The German company fully transfers control over its Russian portfolio to the buyer and ceases participation in the business’s operational activities.
As a result of the agreement, Zetta Strahovanie, Alliance, and Life Alliance will join the Zetta Strahovanie group owned by Interholding.
After the start of the full-scale Russian invasion of Ukraine, Allianz stopped insuring new businesses in Russia, and in May of last year, the company’s financial director Giulio Tertsaryol said that the probability of the group’s complete cessation of activity in Russia is very high.
In July of last year, Allianz decided to sell a controlling stake (50.1%) in the Russian “daughter” – the company “Interholding” – to financier Oleg Yachnyk, who retained 49.9% of the shares in the Russian division. Later, Allianz recognized the loss from the sale of the share in the amount of 400 million euros.
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Allianz on the Russian market
Allianz entered the Russian market in 1990, founded the company “Ost-West Alliance”. In 2001, the group acquired 45.5% of the shares of the company “ROSNO”, and in 2007 it became its main shareholder.
In the same year, the company acquired 100% of the authorized capital of the Russian insurance company Progress-Garant. Since 2012, the combined company “Alliance”, engaged in life insurance, pension and medical insurance, has been operating on the Russian market.
Source: Ministry of Finance
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