Germany’s Allianz SE mulls stake sale in Saudi unit: Report

08/08/2022 Argaam
Logo ofAllianz Saudi Fransi Cooperative Insurance Co.

Logo of Allianz Saudi Fransi Cooperative Insurance Co.

Germany’s Allianz SE is considering a sale of its controlling stake in Tadawul-listed Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF), Bloomberg reported, citing unnamed sources familiar with the matter.

 

The German insurer is working with a financial adviser on the potential disposal, adding that other insurance firms have expressed preliminary interest in acquiring the business, according to the people. 

 

Talks are in the early stages and Allianz could still decide to retain the asset, the sources added. 

 

According to Argaam’s data, Allianz Europe B.V. owns an 18.5% stake in Allianz SF, while SNI Holding Co. and Banque Saudi Fransi own 16.25% and 14% of the Saudi insurer, respectively.

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