Allianz confirms negotiations with its long-term business partner Koç Holding on the acquisition of 47.1 percent of the shares in Koç Allianz Sigorta and 49 percent of the shares of Koç Allianz Hayat ve Emeklilik, both stakes currently owned by the Koç Group.

Koç Allianz Sigorta is the third largest company in the Turkish non-life insurance sector with 9.2 percent market share and Koç Allianz Hayat ve Emeklilik is the ninth largest company in the life insurance sector with 4.8 percent market share, as of September 2007.

Allianz has a long and successful partnership with Koç Holding, owning already 37.1 percent of Koç Allianz Sigorta and 38 percent of Koç Allianz Hayat ve Emeklilik. Furthermore, Rahmi Koç, Honorary Chairman of the Board of Directors of Koç Holding, is a member of the International Advisory Board of Allianz.

Koç Holding became one of the 50 largest European companies last year.

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