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 may be very prone to minimize all ties with the nation.
After the discharge of Allianz’s financial results for the first quarter of 2022 (Q1 2022), Terzariol stated the insurer may be very prone to rule out new insurance coverage and investments in Russia after it invaded Ukraine.
“I’d outline the probability as very excessive,” Terzariol stated when requested by reporters concerning the possibilities of closing the insurer’s operations in Russia, as reported by Reuters.
In an analyst presentation, Allianz stated its backside line might take a success of between €400 million and €500 million from discontinuation of its Russian insurance coverage subsidiaries.
Allianz shouldn’t be the one insurance coverage firm that wishes to chop ties with Russia. Marsh McLennan, for instance, stated in March that it’s going to 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 will likely be impartial from that of the group. In the meantime, Aon Plc (Aon) suspended its operations in Russia because it continues to watch the continuing conflict.
In April, Arthur J. Gallagher & Co. (Gallagher) confirmed in its announcement of its Q1 2022 monetary outcomes that it didn’t have places of work or direct operations in Russia and Ukraine. It had a small variety of shoppers primarily based in or working in Russia, but it surely severed ties with these shoppers. It additionally applied sturdy procedures to adjust to all relevant sanction legal guidelines.