By Ed Frankl
Allianz SE mentioned Monday that it will not insure new enterprise or make new investments in its personal funding portfolio in Russia.
The German insurer and asset supervisor is not underwriting new insurance coverage enterprise in Russia and is “decisively” lowering its publicity to Russia “in an orderly method,” a spokeswoman instructed Dow Jones Newswires.
Allianz can be making no new investments in Russia or Belarus on behalf of its policyholders, the spokeswoman mentioned.
The information comes amid plenty of monetary firms distancing themselves from Russia amid the struggle in Ukraine. Zurich-based reinsurer Swiss Re mentioned Monday that it might halt new enterprise in Russia and evaluate present enterprise relationships in Russia and Belarus.
Allianz mentioned its operations in Russia and Ukraine represented lower than 0.2% of each group revenues and working revenue in 2021.
Its total funding publicity to Russia and Ukraine is round 0.3% of group funding portfolio of EUR808.5 billion, the Munich-based firm mentioned.
Allianz froze its current portfolio in Russia and Belarus previous to the invasion, and will not spend money on both nation going ahead, the spokeswoman mentioned.
The insurer, Europe’s largest by whole belongings, beforehand mentioned it had plenty of insurance coverage enterprise strains in Russia, together with by means of its manufacturers Allianz World Company & Specialty and Paris-based Euler Hermes.
Allianz will not decide about any write-offs in its enterprise earlier than the top of March, the spokeswoman mentioned.
Write to Ed Frankl at edward.frankl@dowjones.com