FRANKFURT - The insurer Allianz said on Friday that it would sell a majority stake in its Russian operations to Interholding as it seeks to pare its footprint in the country after the Ukraine invasion.
Interholding is the owner of Russian insurer Zetta Insurance, said Allianz. Allianz will retain a 49.9% stake.
The partial sale will result in a hit to Allianz's net profit of 400 million euros ($429.80 million).
Companies have been scrambling to shed assets in Russia since the outbreak of war.
Allianz, which had already stopped accepting new business in Russia, would probably fully exit the country, the insurer's finance chief said last month.
($1 = 0.9307 euros)
(Reporting by Tom Sims, Editing by Miranda Murray)