Allianz acquires stakes in Turkish insurance joint ventures from Koç

Thereby, Allianz acquires 47.1% of shares in the non-life insurer Koç Allianz Sigorta AŞ for 248 million euros. Together with the 37.1% already held, Allianz will raise its stake to 84.2%. With regard to the life-insurance and pension company Koç Allianz Hayat ve Emeklilik AŞ, the total direct Allianz participation will increase from 38.0% to 87.0% by paying 125.2 million euros.

"The agreement strengthens our long-term commitment to the Turkish market, where we see a high potential for future growth," said Enrico Cucchiani, Board Member of Allianz SE. The Turkish economy is the fifteenth largest in the world with continuously high growth rates in real GDP during the last 5 years. The country’s population is above 70 million, has a relatively young demographic profile and still low insurance coverage. "As one of the top players in the Turkish insurance market, Koç Allianz will continue to offer quality products and services to Turkish customers and thereby combine its understanding of the Turkish market with the benefits of an outstanding international insurance expertise," added Cucchiani.

"The long and successful cooperation of Koç and Allianz has resulted in the current outstanding position of these insurance companies in Turkey," said Bülent Bulgurlu, CEO of Koç Holding. "In line with Koç Group’s strategic decision to focus on a limited number of core sectors, we are happy to transfer our shares to our partner. Koç Group will continue its focused and intensified efforts to become a stronger global player in the selected sectors". 

The closing of the transaction is subject to regulatory and competition board approval.

Allianz Group is a leading European insurance company with total revenues of more than 102 billion euros in the fiscal year 2007 and about 80 million customers worldwide.

Koç Holding is the leading conglomerate of Turkey in energy, automotive, consumer durables and finance sectors with total revenues of 29 billion euros in 2007.

Note: Please find additional information regarding the ownership structure and the portfolio mix and distribution channels of Koç in the pdf file of this release.

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