Allianz enters into a binding agreement to sell its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC)

Allianz Group, one of the world's leading insurers and asset managers, announced today that it entered into a binding transaction regarding the transfer of its 51% stake in Allianz Saudi Fransi (AzSF) in Saudi Arabia to ADNIC, a multiline regional insurance provider based in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange, as the Munich-based group streamlines its primary insurance operations in the Middle East.

Pending regulatory approvals, the transaction is expected to be completed in a few months.

Employees and customers of AzSF will not be affected by the transaction.

Allianz' Global Lines in the country like Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners and Allianz Re will continue to serve their customers with tailored and best in class products and services in the Kingdom of Saudi Arabia.

The Allianz Group's solvency capitalization and cash position is not affected.