Allianz, Europe’s largest insurance company by market value, has said it is highly likely to leave Russia, a move that could hit its profits by as much as €500mn.
“We need to go through the process, but I would define the likelihood [of exiting Russia] as very high,” the group’s chief financial officer Giulio Terzariol told journalists after the publication of its first-quarter results on Thursday. He declined to provide a timeframe. Allianz stopped writing new business in Russia in March.
An exit would deliver a one-off hit of €0.4bn to €0.5bn, the group said in its results presentation, adding that the charge would be mostly because of an accounting adjustment and would not affect capital or cash.
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