Allianz Group, a global insurer and asset manager, has announced the completion of the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider
ADNIC is based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange.
The signing of a binding agreement was initially reported on September 28th, 2023 and has already cleared regulatory approvals.
This transaction is part of Allianz Group’s business strategy to streamline its operation in the Middle East.
The company confirms that employees and customers of Allianz Saudi Fransi will not be affected by the transaction.
Allianz’s Global Lines businesses in the country such as Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re, will continue to offer tailored and best-in-class products and services and their deep expertise in underwriting, claims and asset management to their customers in the Kingdom of Saudi Arabia.
This is the second time this year that Allianz has divested and sold a stake in a business it previously held. Earlier in April, Arch Insurance North America entered into a master transaction agreement to acquire the US MidCorp and Entertainment insurance businesses including select specialty insurance programs, from Allianz Global Corporate & Specialty SE (AGCS) for a $450 million cash consideration to Allianz.
