Allianz to scale down its operations in Russia

Allianz is selling the majority of its activities in Russia to the Russian group Interholding. The German insurer will remain a minority shareholder in the joint venture with a 49.9% stake.

No financial details regarding the transaction have been communicated.

The deal, which is still pending the approval of the competent authorities, is expected to have a negative impact of about 400 million EUR (428.548 million USD) on Allianz's results.