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(Reuters) – Allianz SE said on Friday it would sell a majority stake in its Russian operations to the owner of a Russian insurer as it sought to pare its footprint in the country after the invasion of Ukraine.
Allianz, which had already stopped accepting new business in Russia, last month flagged that it would very likely fully exit the country.
But with Friday’s announced deal, Allianz said it would retain a 49.9% stake.
Allianz said the sale was to Interholding, the owner of Russia’s Zetta Insurance. It did not disclose financial details.
The partial sale would result in a €400 million euro ($429.8 million) hit to Allianz’s net profit, the company said.
Companies have been scrambling to shed assets in Russia since the invasion, which Russia has called a "special operation."
“The agreement, which follows Allianz’s decision to scale back operations in Russia, is aimed at ensuring continuity for clients and employees,” Allianz said.
Allianz in 2021 generated 0.17% of revenues from its Russian operations.
A spokesperson said that the closure of the sale and the resulting financial impact were expected later this year.