Allianz completes transaction to sell its 51% stake in Allianz Saudi Fransi

23 April 2024 — Andrei VICTOR
Allianz Group 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 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 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.