Allianz stops insuring new business, investment in Russia

FRANKFURT. March 15 (Interfax) - German insurer Allianz SE announced that it will stop insuring new business in Russia and will not make new investments in the country.

The company is "decisively reducing exposure [in Russia] in an orderly manner," and is not making new investments in Russia or Belarus on behalf of its policyholders, Allianz said.

Allianz said that operations in Russia and Ukraine contributed 0.2% of group operating profit in 2021, and accounted for 0.3% of the group's own investment portfolio of 808.5 billion euros.

Allianz froze its portfolio in Russia and Belarus before the start of the conflict in Ukraine and will not invest in these countries going forward, a company spokesperson said. However, the insurer will not make a decision on writing off this business until the end of March.

Many financial companies are pulling away from Russia over the situation in Ukraine. Swiss reinsurance company Swiss Re, for example, said a day earlier that it will stop new business in Russia and review the current status of business relations in Russia and Belarus.