Allianz SE (AZ), Europe's largest primary insurer by gross premium income, Tuesday said it would delist from the New York Stock Exchange (NYX) and other European stock exchanges in a move to reduce reporting complexities.

The U.S. delisting will affect its American Depositary Shares and 8.375% undated-subordinated callable bonds for which the last trading day will likely be around Oct. 23, Allianz said.

Subsequently, it will also delist ordinary shares on the London, Milan, Paris and Swiss stock exchanges to focus on the Frankfurt Xetra trading platform as the market with the highest liquidity for trading Allianz shares.

Allianz, which had been listed in the U.S. since Nov. 3, 2000, said the decision won't affect its strategy nor its geographic presence in markets but that it is an adjustment to international stock-trading practices.

"Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets," Chief Financial Officer Paul Achleitner said. "The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares."

The delisting on all exchanges will save a "midsize single-digit million euros amount annually," an Allianz spokesman said.

Allianz noted that in recent years, trading of Allianz shares on non-German stock exchanges accounted on average for significantly less than 5% of the total trading of Allianz shares, despite the fact that about 70% of Allianz shares are held by investors outside of Germany.

The delistings are likely an efficiency-boosting measure as they will reduce reporting requirements, said Merck Finck analyst Konrad Becker, who rates the share at buy.

Allianz said it plans to maintain its American Depositary Receipt program on a so-called "Level I" basis in order to enable investors to trade ADSs in the U.S. over-the-counter market.

Level 1 shares can only be traded on the OTC market and the company has minimal reporting requirements with the U.S. Securities and Exchange Commission. For instance, it isn't required to issue quarterly or annual reports in compliance with U.S. GAAP. However, the company must have a security listed on one or more stock exchange in a foreign jurisdiction and must publish its annual report in English on its Web site to that country's standards.

The fact that less than 5% of shares was traded outside Xetra despite the majority of foreign shareholders signals that the U.S. listing likely didn't meet expectations such as broadening the shareholder base, raising attention for the share and using the share as acquisition currency, analyst Becker said. He said the figures prove that the broader shareholder base can be reached without a U.S. listing.

"Apparently, international investors don't mind that they have to get on Xetra for trading the share," Becker said.

He said the decision will concentrate liquidity and raise the trading volume on Xetra, but said the impact would be limited.

The decision doesn't mean that Allianz will exit from the U.S. market nor that it will abandon plans to grow there, but it could encourage other players to rethink their U.S. listing, Becker said.

Allianz is joining the ranks of a number of European companies that have delisted their shares from NYSE over the past two years. These include German utility E.ON AG (EOAN.XE), chemicals and pharmaceuticals giants Bayer AG (BAY.XE) and BASF SE (BAS.XE), British Airways PLC (BAY.LN) and Danone SA (BN.FR), which all delisted in 2007, citing reduced complexity, reporting requirements and costs. Bayer said it expected to save EUR15 million annually.

Most recently, semiconductor producer Infineon Technologies AG (IFX.XE) announced that it would drop its U.S. listing, which became effective April 24.

However, a number of large players such as Siemens AG (SI) and Daimler AG (DAI) said a withdrawal from NYSE wasn't in the works.

"A U.S. delisting is not an issue for us because the listing gives us better access to the U.S. capital market," a spokesman for premium car manufacturer Daimler AG said.

"We continuously monitor the benefit of our foreign listing. A withdrawal from NYSE isn't currently on the agenda," a Siemens spokesman said. Siemens shares are listed on NYSE, London and in Switzerland, in addition to German exchanges, he said.

Company Web site: www.allianz.com

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com

(Doug Cameron in Chicago and Vladimir Guevarra in London contributed to this article.)