(Boursier.com) — Allianz would seek to separate from its activities in Saudi Arabia. As part of its strategy to streamline its portfolio and raise funds, the German insurance giant is working with an adviser on the potential sale of its majority stake in Allianz Saudi Fransi Cooperative Insurance, ‘Bloomberg’ understands, in citing people familiar with the matter. Allianz Saudi Fransi is now worth only around $231 million in Riyadh after seeing its stock plummet nearly 45% this year.
Deliberations are still in their infancy and Allianz could still decide to keep this asset, the agency said. Created in 2007, Allianz Saudi Fransi is a joint venture between Allianz and Banque Saudi Fransi. Allianz has a 51% stake in the company which offers individual products such as car and travel insurance, as well as business services.
Other insurers have expressed a preliminary interest in acquiring the stake of the German colossus.
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