Allianz retains 49.9% stake in Russian insurer after sale

Germany-headquartered Allianz Group has agreed to sell a majority stake in its Russian operations to Interholding LLC, the owner of Russian P/C insurer Zetta Insurance, it said in a statement on 3 June.  Upon the completion of the transaction, Allianz will hold a minority stake of 49.9% in the combined company.  The transaction is subject to regulatory approvals.  The statement further said the transaction is estimated to have a negative impact of about 0.4 billion euros on Allianz's profit and loss account, largely due to the reclassification of negative foreign exchange impact fr...