ALV Allianz AG

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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