Allianz SF clarifies updates on Allianz SE entire stake sale

Logo of Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF)

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) remains a Saudi-listed company after Allianz SE’s decision to sell its entire stake in the former, continuing to operate under its legal regulatory framework and to exercise its robust governance practices.

In a statement to Tadawul today, April 18, the insurer said its board of directors will continue to represent all shareholders, perform its duties of care and loyalty in managing the company’s affairs, undertake all actions in the general interest of the business, and develop the company and maximize its value.

The company’s dividend policy will remain unchanged, guided by its financial position, cash flows and investment plans, which will enable it to continue to maintain a strong and stable financial position.

Meanwhile, Allianz SF indicated that the transaction fits fundamentally within the core of the Abu Dhabi National Insurance Co.’s (ADNIC) strategic pillars. It will allow to further extend the latter’s presence into the Saudi market, deliver and optimize operating model efficiencies between the company and ADNIC.

The transaction is not expected to result in immediate changes to the company’s employment affairs.

There will be no related financial impact on Allianz SF as it was a private cash transaction, the Saudi-listed firm noted.

According to data available on Argaam, Allianz SF announced earlier today receiving a notice from Allianz SE on selling its entire stake in the former to ADNIC.

The company’s board approved on April 17 the resignations of four board members and replaced them with new ones.