ALIZF - Allianz faces $430M profit hit after deal to sell majority stake in its Russian operations

Allianz (OTCPK:ALIZF) is expecting to take a hit of EUR 400M ($430M) to profit after the German-based insurer agreed to sell a majority stake in its Russian operations to Interholding amid the war in Ukraine, according to a release. Upon closing of the deal, Allianz (OTCPK:ALIZF) will own 49.9% in the combined company, the company said, adding that the deal won't impact its solvency capitalization and cash position. The move comes after Allianz (OTCPK:ALIZF) in mid-March said it would reduce its business exposure in Russia following the country's invasion of Ukraine. Interholding owns Russian insurer Zetta Insurance, which has over 120 points of sales in Russia, with over 6,500 agents in more than 150 Russian cities, according to the release. Previously, (May 17) Allianz Global Investors U.S. to pay $1B to settle SEC charges over options strategy.

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Allianz faces $430M profit hit after deal to sell majority stake in its Russian operations