Insurance giant, Allianz has engaged fully the exit gear to pull out of Russia amid its war on Ukraine. New businesses are no longer accepted.
More, the chief financial officer (CFO) Giulio Terzariol said the insurer is very likely to cut all ties and rule out new insurance and investments with the country.
Allianz’ opting out of Russia was stated after the release of its financial results for first quarter of 2022 with Terzariol saying, “I would define the likelihood as very high,” before reporters, in line with earlier report by Reuters.
Allianz said its bottom line could take a hit of between 400 million euros to 500 million euros from discontinuation of its Russian insurance subsidiaries.
Several insurance and broking giants have closed operations in Russia. Willies Towers Watson, Aon Plc, respectively shifted ownership to local independent management, and suspended operations to observe the ongoing war.
In April, Arthur J. Gallagher & Co (Gallagher) confirmed in its announcement in its Q1 2022 financial results that it did not have offices or direct operations in Russia and Ukraine.