Allianz enters into a binding agreement to sell its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC) 

Downloads

Related information

Allianz Group, one of the world's leading insurers and asset managers, announced today that it entered into a binding transaction regarding the transfer of its 51% stake in Allianz Saudi Fransi (AzSF) in Saudi Arabia to ADNIC, a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange, as the Munich-based group streamlines its primary insurance operations in the Middle East. 

Pending regulatory approvals, the transaction is expected to be completed in a few months.

Employees and customers of AzSF will not be affected by the transaction.

Allianz’ Global Lines in the country like Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re will continue to serve their customers with tailored and best in class products and services in the Kingdom of Saudi Arabia.   

The Allianz Group’s solvency capitalization and cash position is not affected.

Media contact

Anja Rechenberg
Allianz SE
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:
Allianz to sell minority stake in CPIC Fund Management Co.

Allianz SE has entered into definitive agreements regarding the sale of its 49% stake in CPIC Fund Management Co., Ltd. to Guotai Junan Securities Co., Ltd.

Allianz to acquire Tua Assicurazioni

Allianz S.p.A. to acquire Tua Assicurazioni from Assicurazioni Generali S.p.A. / Transaction worth 280 million euros / Upon completion, increase of market share by approx. 1 percentage point in attractive property and casualty segment in Italy / Substantial strengthening of distribution capacity with the almost 500 agents of Tua Assicurazioni S.p.A.

Allianz enters into a binding agreement to sell its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC)

The transaction is part of Allianz Group’s business strategy to streamline its operation in the Middle-East.