Allianz SE estimates possibility of leaving Russia as very high
Insurance company Allianz SE estimates the possibility that it exits Russia as very high, IAA PortNews correspondent cites Giulio Terzariol, Chief Financial Officer of Allianz SE, as saying at the media conference dedicated to the Group financial results in 1Q 2022.
"For the time being we stopped our business. The possibility that we exit Russia is very high," he said without specifying a period between 2022 and 2024 when it can happen.
According to the data available on the Group’s website, Allianz accounts for one of the largest claims paid in Russia, after the accident at Sayano-Shushenskaya HPP. In Russia, Allianz numbers over 388,000 clients including natural and legal entities with insurance services provided to sea and river ships. The Group’s investment portfolio exceeds RUB 25.4 billion.
Allianz has been active in the Russian market since 1990 with its subsidiary Ost-West Allianz (later known as SAC Allianz). In July 2001, Allianz acquired 45.47% of ROSNO and became its majority shareholder in 2007 which helped Allianz to expand significantly on the Russian market. In May 2007, Allianz completed acquisition of 100% equity capital of Russian insurance company Progress-Garant. In 2011, it was decided to integrate three Russian entities of Allianz Group – ROSNO, Progress-Garant and SAC Allianz. The new company IC Allianz OJSC started working in April 2012.
The Allianz Group is one of the world's leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries. Allianz is also one of the world’s largest investors, managing around 767 billion euros on behalf of its insurance customers and more than 1.9 trillion euros of third-party assets. In 2021, the Group’s revenue totaled 148.5 billion euros, operating profit – 13.4 billion euros.
