Allianz Group has finalized the sale of its 51% ownership in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a prominent regional insurance provider headquartered in the United Arab Emirates and listed on the Abu Dhabi Stock Exchange.
The completion of this transaction marks a significant step in Allianz Group’s strategic efforts to optimize its operations in the Middle East. Following the signing of a binding agreement on September 28, 2023, regulatory approvals have been obtained, allowing for the successful transfer of ownership.
It’s important to note that this change in ownership will not impact the employees or customers of Allianz Saudi Fransi. The focus remains on providing uninterrupted service and maintaining the high standards of products and support.
While Allianz Saudi Fransi transitions, Allianz’s Global Lines businesses in the region, including Allianz Global Investors, PIMCO, Allianz Trade, Allianz Partners, and Allianz Re, remain committed to delivering top-notch products and services. Their extensive expertise in underwriting, claims, and asset management will continue to serve customers in the Kingdom of Saudi Arabia effectively.