Allianz Group has completed the sale of its 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (Allianz Saudi Fransi) to Abu Dhabi National Insurance Company (ADNIC).
The transaction, valued at SR499m ($133.06m), aligns with Allianz’s strategy to optimise its operations in the Middle East.
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The deal, first announced in September 2023, has been wrapped up after it received all necessary regulatory approvals.
Established in 2007, Allianz Saudi Fransi was a collaboration between Banque Saudi Fransi and Germany’s Allianz.
The joint venture’s employees and customers will remain unaffected by the change in ownership.
ADNIC, a multiline insurance provider in the United Arab Emirates, is listed on the Abu Dhabi Stock Exchange and is now expected to become one of the Tier-1 listed insurers in Saudi Arabia.
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By GlobalDataADNIC stated that it has been actively seeking opportunities to expand its presence and this latest acquisition will enhance its operations in two of the largest and most rapidly expanding insurance markets in the Gulf, as well as the broader Middle East and Africa regions.
ADNIC CEO Charalampos Mylonas said: “The strategic acquisition of a majority stake in Allianz – Saudia Arabia is a milestone that enables us to push forward with our regional growth ambitions. This move further solidifies our position as the preferred insurer for consumers, one that always seeks new ways to protect customers and empower the communities we serve. Looking ahead, this acquisition places us in a strong position to deliver industry-leading products across all major insurance lines.”
Allianz’s global lines businesses in Saudi Arabia, including Allianz Global Investors, Pacific Investment Management Company, Allianz Trade, Allianz Partners and Allianz Re, will continue to serve their clients in the country.
Earlier this month, Arch Insurance North America entered into a master transaction agreement to acquire the US assets of Allianz Global Corporate & Specialty (AGCS).
The deal encompasses AGCS’ US MidCorp and entertainment insurance businesses, as well as select specialty insurance programmes.
