Allianz and Koc Holding have signed a share purchase agreement regarding the stakes in Koc Allianz Sigorta and Koc Allianz Hayat ve Emeklilik, currently held by Koc Holding A and related parties.

Thereby, Allianz has acquired 47.1% of shares in the non-life insurer Koc Allianz Sigorta for E248 million. Together with the 37.1% already held, Allianz will raise its stake to 84.2%.

With regard to the life-insurance and pension company Koc Allianz Hayat ve Emeklilik, the total direct Allianz participation will increase from 38% to 87% by paying E125.2 million.

Koc Holding is the conglomerate of Turkey in energy, automotive, consumer durables and finance sectors. The closing of the transaction is subject to regulatory and competition board approval.

Enrico Cucchiani, board member of Allianz, said: The agreement strengthens our long-term commitment to the Turkish market, where we see a high potential for future growth.

Blent Bulgurlu, CEO of Koc Holding, added: The long and successful cooperation of Koc and Allianz has resulted in the current outstanding position of these insurance companies in Turkey.