Allianz Halts New Insurance, Investments in Russia
March 14 2022 - 11:50AM
Dow Jones News
By Ed Frankl
Allianz SE said Monday that it won't insure new business or make
new investments in its own investment portfolio in Russia.
The German insurer and asset manager is no longer underwriting
new insurance business in Russia and is "decisively" reducing its
exposure to Russia "in an orderly manner," a spokeswoman told Dow
Jones Newswires.
Allianz is also making no new investments in Russia or Belarus
on behalf of its policyholders, the spokeswoman said.
The news comes amid a number of financial companies distancing
themselves from Russia amid the war in Ukraine. Zurich-based
reinsurer Swiss Re said Monday that it would halt new business in
Russia and review current business relationships in Russia and
Belarus.
Allianz said its operations in Russia and Ukraine represented
less than 0.2% of both group revenues and operating profit in
2021.
Its overall investment exposure to Russia and Ukraine is around
0.3% of group investment portfolio of EUR808.5 billion, the
Munich-based company said.
Allianz froze its existing portfolio in Russia and Belarus prior
to the invasion, and won't invest in either country going forward,
the spokeswoman said.
The insurer, Europe's largest by total assets, previously said
it had a number of insurance business lines in Russia, including
through its brands Allianz Global Corporate & Specialty and
Paris-based Euler Hermes.
Allianz won't make a decision about any write-offs in its
business before the end of March, the spokeswoman said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
March 14, 2022 11:35 ET (15:35 GMT)
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