Allianz Group has finalised the divestiture of its 51% stake in Allianz Saudi Fransi, transferring ownership to Abu Dhabi National Insurance Company (ADNIC).
Based in the United Arab Emirates (UAE), ADNIC is a diverse insurance firm publicly traded on the Abu Dhabi Stock Exchange.
This transfer, first announced through a binding agreement on September 28, 2023, has now secured all required regulatory endorsements.
This move aligns with Allianz Group's strategic intentions to refine its business operations across the Middle East. The company has confirmed that this transaction will not affect the employment or service conditions of Allianz Saudi Fransi's workforce and clientele.
Allianz said its commitment to the Saudi Arabian market remains robust. Its global lines divisions, such as Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners, and Allianz Re, will persist in delivering their specialised products and services. These sectors continue to leverage their extensive expertise in underwriting, claims administration, and asset management to serve their Saudi customers.
In other news, Allianz Partners celebrated a reinsurance milestone in India, having unveiled its new IFSC Insurance Office (IIO Reinsurance Branch) in the International Financial Services Centre (IFSC) at GIFT City, Gandhinagar, India.
