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The announcement by Allianz follows a raft of similar announcements from the financial industry in the wake of Russia’s invasion of Ukraine.
“Our operating entities are no longer underwriting new insurance business in Russia, and are decisively reducing exposure in an orderly manner,” the company said.
Allianz has until now been operating numerous business lines in Russia.
The company’s operations in Russia and Ukraine contributed to 0.2% of group operating profit in 2021, while its overall investment exposure is 0.3% of the group’s own portfolio of 808.5 billion euros ($885.71 billion).
($1 = 0.9128 euros)
