MOSCOW (Reuters) – Insurance company Allianz has finalised a deal to sell a majority stake in its Russian operations to local firm 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 said. It did not disclose financial details.
Allianz in November said the deal was being delayed by regulators.
Zetta Insurance, Allianz and Allianz Life will be merged into one company following the deal, it added.
Allianz stopped accepting new business in Russia soon after Moscow sent tens of thousands of troops into Ukraine and said a full exit was likely, but it later said it would retain a 49.9% stake in its Russian business, but cease participating in the unit’s operating activity.
The partial sale would result in a 400 million euro ($440.32 million) hit to Allianz’s net profit, the company has said.
($1 = 0.9084 euros)
(Reporting by Reuters; Writing by Caleb Davis; Editing by Alexander Marrow and Bernadette Baum)
