MUNICH (dpa-AFX) - Allianz SE (ALIZY) is considering a sale of its Saudi Arabian unit, Bloomberg reported citing people familiar with the matter.
The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co, the report said.
The report said other insurers have expressed preliminary interest in acquiring the business.
Allianz Saudi Fransi, which established in 2007, is a joint venture between the Allianz group and Banque Saudi Fransi. Allianz owns a 51% stake in the venture. It offers individual products such as motor and travel insurance, as well as corporate services including marine and health insurance.
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