Allianz (ETR:ALVG) SE has announced its intention to sell its 49% stake in CPIC Fund Management Co., Ltd. to Guotai Junan Securities Co., Ltd. The decision, which is awaiting regulatory approval, was made on Friday and aligns with the company's strategy to concentrate on fully owned asset management operations in China.
In addition to this strategic move in China, Allianz S.p.A., an entity of the group, is set to acquire Tua Assicurazioni for €280 million (EUR1 = USD1.0524). This acquisition is expected to increase Allianz's market share in Italy by roughly one percentage point and add nearly 500 agents to its distribution network.
The company's commitment to integrating ecological and social criteria into its operations has been recognized by the Dow Jones Sustainability Index. Despite not adjusting for IFRS 9 and IFRS 17 applications, Allianz reported total revenues of €152.7 billion and an operating profit of €14.2 billion in 2022. The firm employs over 159,000 people globally and complies with IFRS 9 and IFRS 17 standards in its financial reporting.
The Allianz Group, a leading global insurer and asset manager, provides a variety of insurance services to over 122 million private and corporate customers around the world. Its offerings include property, life, health, credit insurance, global business insurance, and assistance services. The company currently manages approximately €714 billion for its insurance customers and an additional €1.7 trillion of third-party assets through PIMCO and Allianz Global Investors.
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