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(Reuters) — German insurer Allianz SE said on Wednesday it had more than doubled the size of a fund devoted to digital investments.
Allianz X, as the fund is known, has been increased to €1 billion ($1.1 billion) from the €430 million originally announced in 2016.
“The funds will be used to make additional direct investments in digital companies globally that are strategically relevant for the Allianz Group,” it said in a statement.
Allianz X already has more than 15 investments in companies that include the financial technology firm N26.
(Reuters) — Allianz SE may slow its share buyback program after the one announced this week to allow the German insurer to make small acquisitions, the group’s finance chief said on Friday after reporting a 19% rise in 2018 fourth-quarter profit.