News

Insurance

Staff Reporter

, Saudi Arabia

Published:

11 days ago

/Ryoji Iwata from Unsplash

Allianz sells 51% stake in Saudi unit

Abu Dhabi National Insurance is the buyer.

Allianz Group finalised the sale of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance (ADNIC), a regional insurance provider based in the UAE and listed on the Abu Dhabi Stock Exchange.

The binding agreement for this transaction was initially reported on 28 September 2023.

This move, part of Allianz Group’s strategy to streamline operations in the Middle East, has received regulatory approvals.

ALSO READ: Suncorp sells NZ life insurance business

However, employees and customers of Allianz Saudi Fransi will not be impacted by the transaction.

Allianz's Global Lines businesses in Saudi Arabia, including Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners, and Allianz Re, will continue to deliver tailored products and services.

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