Allianz and American Tower Corporation announced that Allianz Capital Partners on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund will acquire a 10 percent stake in ATC Europe, joining Caisse de dépôt et placement du Québec (CDPQ) in a long-term strategic partnership with American Tower. The transaction is valued at over 530 million euros, reinforcing a more than 8.8 billion euros enterprise value for ATC Europe. 

Allianz has had an excellent start into 2021 and continued to successfully navigate the impact of the ongoing pandemic. The group saw a strong performance across all its business segments, with a marked rebound in profitability in its Property-Casualty, as well as in its Life/Health business segment. Operating profit increased 44.8 percent to 3.3 (2.3) billion euros, with all business segments contributing. 

Allianz has become the majority shareholder in Jubilee General Insurance Limited in Kenya. This follows the acquisition of a 66 percent stake in the company, representing 1,522,622 ordinary shares, from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group who are retaining a 34 percent shareholding in the company.