The signing of a binding agreement was initially reported on September 28, 2023 (more details here).
The transaction, which has already cleared regulatory approvals, is part of Allianz Group’s business strategy to streamline its operation in the Middle-East.
“Employees and customers of Allianz Saudi Fransi will not be affected by the transaction. Allianz's Global Lines businesses in the country like 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”, as the German insurance group announce in a statement.
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