Allianz sells its 51% stake in Allianz Saudi Fransi

Allianz Group has completed the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange.

Allianz said the transaction, which has already cleared regulatory approvals, is part of its business strategy to streamline its operation in the Middle East. The insurer said employees and customers of Allianz Saudi Fransi will not be affected by the transaction.

Allianz said its global lines businesses in the country, like Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re, will continue to offer tailored products and services and their expertise in underwriting, claims and asset management to their customers in the Kingdom of Saudi Arabia.