Insurance and financial services company Allianz SE's subsidiary Allianz Deutschland has signed contracts through an investment management company for the acquisition of shares in life insurance company Allianz Lebensversicherungs.
Following this transaction, Allianz Deutschland’s equity stake in Allianz Lebensversicherungs will increase to more than 95%. The minority shareholders of Allianz Lebensversicherungs will be offered an appropriate cash compensation based upon the IDW S1 standard regarding the intrinsic value of the company. The offer will equal at least the weighted average stock price of Allianz Lebensversicherungs shares during a period of three months dating back from date, which is determined by the Bundesanstalt fur Finanzdienstleistungsaufsicht. This figure is yet to be published.
Gerhard Rupprecht, member of the board of management of Allianz SE and CEO of Allianz Deutschland, said: The buyout of Allianz Leben’s minority shareholders, which now has become possible, clearly reduces the complexity of our strategic portfolio. It is also the next logical step in line with the restructuring of the German insurance business under the roof of Allianz Deutschland.