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Allianz plans to complete sale of Russian business in 3Q 2022 — company

It is reported that on 3 June 2022, the Allianz Group announced to dispose of 50% plus one share in its Russian business operations to Interholding LLC, Moscow

BERLIN, August 5. /TASS/. Allianz completed preparations for sale of a controlling stake in its Russian business and expects the deal to be completed in the third quarter of this year, the international insurance group said in its report released on Friday.

"On 3 June 2022, the Allianz Group announced to dispose of 50% plus one share in its Russian business operations to Interholding LLC, Moscow, the owner of Russian Property and Casualty insurer Zetta Insurance Company Ltd., Moscow," Allianz said.

"As of 30 June 2022, all requirements to present the assets and liabilities of the affected Russian business operations allocated to the reportable segments German Speaking Countries and Central & Eastern Europe (Property-Casualty and Life/Health) as held for sale were fulfilled," the company noted.

"As of 30 June 2022, cumulative losses of € 344 mln were reported in other comprehensive income relating to the disposal group classified as held for sale. No impairment loss has been recognized in connection with this transaction," the insurance group said. "The transaction is subject to regulatory approvals. The completion of the transaction is expected for the third quarter of 2022," Allianz added.