ALIZF - Germany's Allianz reportedly exploring sale of its stake in Saudi Arabian unit

• Allianz SE ( OTCPK:ALIZF ) was said to consider a sale of its stake in Saudi Arabian unit to free up more cash, Bloomberg reported Monday, citing people with knowledge on the matter.
• Shares of Allianz SE ( OTCPK:ALIZF ) are rising 1.1% in early afternoon trading in Frankfurt.
• The potential move comes after the German insurer posted a worse-than-expected profit slump during the second quarter.
• The company is reportedly collaborating with a financial advisor on getting rid of its 51% stake in Allianz Saudi Fransi Cooperative Insurance, a joint venture whose shares have fallen nearly 45% in 2022, the people told Bloomberg.
• The people added that other insurers are looking to possibly acquire the Riyadh-based business.
• Allianz Saudi Fransi offers corporate products ranging from marine insurance to liability insurance, as per its website . For individual products, the venture provides motor insurance and travel insurance.
• In July, Allianz's Pimco reportedly bought $1B of loans backing Apollo's Worldline buyout .

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