Monday, January 30th, 2023

Allianz very more likely to absolutely exit Russia over Ukraine invasion, says CFO

Allianz very likely to fully exit Russia over Ukraine invasion, says CFO

Insurance coverage large Allianz has already stopped accepting new enterprise in Russia amid the Russia-Ukraine battle. Now, chief monetary officer (CFO) Giulio Terzariol has stated the insurer could be very more likely to lower all ties with the nation.

After the discharge of Allianz’s monetary outcomes for the primary quarter of 2022 (Q1 2022), Terzariol stated the insurer could be very more likely to rule out new insurance coverage and investments in Russia after it invaded Ukraine.

“I might outline the chance as very excessive,” Terzariol stated when requested by reporters in regards to the probabilities of closing the insurer’s operations in Russia, as reported by Reuters.

In an analyst presentation, Allianz stated its backside line might take successful of between €400 million and €500 million from discontinuation of its Russian insurance coverage subsidiaries.

Allianz is just not the one insurance coverage firm that desires to chop ties with Russia. Marsh McLennan, for instance, stated in March that it’ll exit its companies in Russia following the “unprovoked assault by the Russian authorities in opposition to the individuals of Ukraine.”

Throughout the identical month, Willis Towers Watson (WTW) introduced its intention to shift the possession of its Russian companies to native administration whose operations can be impartial from that of the group. In the meantime, Aon Plc (Aon) suspended its operations in Russia because it continues to look at the continued conflict.

In April, Arthur J. Gallagher & Co. (Gallagher) confirmed in its announcement of its Q1 2022 monetary outcomes that it didn’t have workplaces or direct operations in Russia and Ukraine. It had a small variety of purchasers based mostly in or working in Russia, however it severed ties with these purchasers. It additionally applied sturdy procedures to adjust to all relevant sanction legal guidelines.

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