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Germany’s Allianz halts new business in Russia -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Allianz SE, the insurer, can be seen on the Puteaux building at La Defense in Paris’s financial and business district. It was taken outside Paris, France May 14, 2018. REUTERS/Charles Platiau

FRANKFURT (Reuters), – Allianz, a German insurance and asset manager said Monday that it was stopping new investments in Russia.

Allianz’s announcement follows several similar ones made by the financial sector in the aftermath of Russia’s invasion.

The company stated that “our operating entities no longer underwrite new Russian insurance businesses and are decisively decreasing exposure in an ordered manner.”

Until now, Allianz operated many business lines in Russia.

In 2021, 0.2% of company operating profits was derived from Russia and Ukraine. However, its overall investment exposure amounts to 0.3% of the 808.5 billion euro portfolio ($885.71 trillion).

($1 = 0.9128 euros)

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