On May 17, the German insurance group Allianz has closed a deal to sell a controlling stake (50.1%) of the Russian business to Interholding, which owns Zetta Insurance LLC (formerly IC Zurich). The sale of the Russian division of Allianz was agreed with the parent company on May 19, 2022, but the coordination of all processes with the regulator and other structures took almost a year, Fatyanov added. Alliance and Alliance Life will be included in the Zetta insurance group. All existing contracts will continue to operate. The teams will continue to work as usual, and the Zetta Insurance team will be partially localized in the former Allianz office, Fatyanov specified.
The deal was closed at a discount in accordance with the general rules, Fatyanov clarified without disclosing absolute figures. According to the rules, the sale of Russian business by a foreign company must be approved by a subcommittee of the government commission on foreign investment. There are general terms and conditions for transactions. First, the “seller” must send a voluntary contribution to the federal budget in the amount of at least 10% of the transaction amount. Second, the asset must be sold at a discount of at least 50% of the cost, which is determined during an independent assessment.
Source: https://www.vedomosti.ru/finance/articles/2023/05/22/976239-strahovoi-brend-allianz-pokinet-rossiyu
Photos are from open sources.
