Munich, Germany – September 28, 2023– In a strategic move to streamline its operations in the Middle East, Allianz Group, a global leader in insurance and asset management, has announced a binding agreement to sell its 51% stake in Allianz Saudi Fransi (AzSF) to Abu Dhabi National Insurance Company (ADNIC). The transaction signifies a significant development in the insurance sector and marks Allianz’s commitment to optimizing its presence in the region.
ADNIC, a renowned multiline insurance provider headquartered in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange, will acquire the majority stake in AzSF, subject to regulatory approvals. The transaction is expected to be completed within the coming months.
Importantly, both the employees and customers of AzSF can rest assured that their interests and services will remain unaffected by this transition. Allianz Group’s commitment to maintaining the high standards of service and care for its customers in Saudi Arabia remains unwavering, Allianz Group said.
The move to divest from AzSF aligns with Allianz’s broader business strategy for the Middle East. Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners, and Allianz Re will continue to operate in the Kingdom of Saudi Arabia, providing tailored and best-in-class products and services to their customers.
This strategic decision by Allianz Group will have no impact on its solvency capitalization or cash position, demonstrating the company’s commitment to maintaining a strong financial standing while strategically optimizing its operations in the region.
As the transaction progresses through the regulatory approval process, further details will be disclosed, and the business community will be closely watching the developments in this landmark deal that reshapes the landscape of insurance in the Middle East.
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