Allianz agrees to sell majority stake in Russian operations
Allianz has agreed to sell a majority stake in its Russian operations to Interholding, the owner of Russian insurer Zetta insurance.
Once the transaction is complete Allianz will retain a minority stake of 49.9% in the combined company.
The transaction is estimated to have a negative impact of €400m (£342m) on Allianz’s profit and loss account because of reclassification of negative foreign exchange impact from shareholder’s equity.
Allianz stated the group’s solvency capitalisation and cash position will not be impacted. The company also reported that the agreement, following its decision to scale back operations in Russia
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