26 June 2017Insurance

Allianz expects €200m loss from unit sale: Report

German insurer Allianz expects to book a loss of around €200 million from the sale of private bank Oldenburgische Landesbank to US private equity firm Apollo, Reuters reported on June 25.

Allianz did not immediately respond to a request for comment by Intelligent Insurer.

The insurance giant said that it has sold its entire stake in Oldenburgische Landesbank, amounting to around 90.2 percent of the bank, for €300 million to Bremer Kreditbank.

Apollo purchased Bremer Kreditbank in 2014.

The insurer said the loss did not affect its profit outlook for the year, because it had already taken it into account, according to Reuters.

It added that the sale would improve its Solvency II ratio, and that this was one of the reasons for the move.

“As part of the Renewal Agenda, Allianz Deutschland is increasing its focus on its core business of insurance and investment management, making the sale of OLB a logical step,” said Manfred Knof, CEO of Allianz Deutschland.

“However, banks remain an important distribution channel for us as an insurer. That’s why Allianz Deutschland will continue to cooperate with OLB to distribute insurance,” Knof added.

Save 20% on selected tickets at  Intelligent InsurTECH Europe 2017 with the discount code "Save20"

Today’s stories

Insurance industry warned the UK government on fire risk before Grenfell disaster

Global reinsurers ask EU for mutual market access with Britain post-Brexit: Report

AF Group launches new specialty unit; hires Halter for P&C programmes

Anthem to pay record $115m to settle US lawsuits over data breach: Report

Trust Re hires Endurance exec to lead Labuan branch

Underwriting duo from NFU Mutual and Endsleigh join Horizon

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
9 May 2017   Allianz Life Insurance Company of North America has hired Tobias Fritsch as chief operating officer for its investment management division.
Insurance
29 June 2017   Allianz Global Corporate & Specialty (AGCS), the corporate insurance carrier of Germany's Allianz, is expanding its presence across Asia with a new branch office in South Korea to serve global corporate clients.
Insurance
25 July 2017   UK general insurer Allianz has appointed John Berry to the role of director of underwriting and technical, personal lines.