Allianz stops new insurance and investments in Russia
By Ed Frankl
Allianz SE said on Monday it would not insure new business or make new investments in its own investment portfolio in Russia.
The German insurer and asset manager is no longer writing new insurance business in Russia and is “decisively” reducing its exposure to Russia “in an orderly fashion”, a spokeswoman told Dow Jones Newswires.
Allianz also does not make any new investments in Russia or Belarus on behalf of its policyholders, the spokeswoman said.
The news comes as a number of financial firms are distancing themselves from Russia amid the war in Ukraine. Zurich-based reinsurer Swiss Re said on Monday it would end all new business in Russia and review current business relationships in Russia and Belarus.
Allianz said its operations in Russia and Ukraine accounted for less than 0.2% of the group’s revenue and operating profit in 2021.
Its overall exposure to investments in Russia and Ukraine is around 0.3% of the group’s 808.5 billion euro investment portfolio, the Munich-based company said.
Allianz froze its existing portfolio in Russia and Belarus before the invasion and will not invest in either country going forward, the spokeswoman said.
The insurer, Europe’s largest by total assets, has previously said it has a number of insurance business lines in Russia, including through its Allianz Global Corporate & Specialty and Euler Hermes brands. , based in Paris.
Allianz will not make a decision on delisting in its business until the end of March, the spokeswoman said.
Write to Ed Frankl at edward.frankl@dowjones.com