Germany’s Allianz halts new business in Russia

FRANKFURT (Reuters) – The German insurer and asset supervisor Allianz stated on Monday that it had put a cease to insuring new enterprise in Russia and was not investing within the nation for its personal portfolio.

The announcement by Allianz follows a raft of comparable bulletins from the monetary trade within the wake of Russia’s invasion of Ukraine.

“Our working entities are not underwriting new insurance coverage enterprise in Russia, and are decisively lowering publicity in an orderly method,” the corporate stated.

Allianz has till now been working quite a few enterprise strains in Russia.

The corporate’s operations in Russia and Ukraine contributed to 0.2% of group working revenue in 2021, whereas its total funding publicity is 0.3% of the group’s personal portfolio of 808.5 billion euros ($885.71 billion).

($1 = 0.9128 euros)

(Reporting by Tom Sims and Alexander Huebner; Modifying by Miranda Murray)