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Allianz: sells Russian business to Interholding

( - The German insurance group has announced the sale of a majority stake in its Russian operations to Interholding, owner of Russian liability insurer Zetta Insurance.

Following the transaction, Allianz will hold a 49.9% minority stake in the new company.

The transaction will have a negative impact of approximately 400 million euros on Allianz's income statement. The deal follows Allianz's decision to reduce its operations in Russia.

Zetta Insurance, owned by Interholding, has more than 120 outlets in Russia, with more than 6,500 agents in over 150 Russian cities.

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