By Cristina Roca

Allianz SE said Friday that it has agreed to sell a majority stake in its Russian activities after a decision to scale down its operations in the country.

The German financial services company will sell the stake to Interholding LLC, which owns Russian insurer Zetta Insurance. Allianz will keep a 49.9% holding.

Allianz expects the deal to result in a hit of about 400 million euros ($429.9 million) on its profit and loss accounts. Its solvency capitalization and cash position won't be affected, it said.

Write to Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

June 03, 2022 03:32 ET (07:32 GMT)

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