Allianz and Sistema Sign Purchase Agreement for Russia’s ROSNO

February 21, 2007

Spain’s Sistema and Germany’s Allianz have signed a share purchase agreement, whereby Allianz becomes the major shareholder of one of Russia largest insurers ROSNO Group.

In a bulletin on its web site (www.alllianz.com) The Company stated that “together with its own stake of approximately 47.4 percent, Allianz holds now approximately 97 percent in ROSNO, one of the top four insurance companies in Russia. Sistema will continue to support the future development of ROSNO by holding approximately three percent in ROSNO. Both parties look back on six years of successful cooperation.”

“Initially our partnership presumed that at a certain stage of the company’s development the control will be focused in hands of one of the key players,” Alexander Goncharuk, President of AFK “Sistema” commented on the deal.

Allianz noted that “ROSNO is one of the top Russian insurers. The company is active in the Property/Casualty, Life/Health and Asset Management business.”

“With the acquisition of ROSNO we are expanding our position as the number one in Central and Eastern Europe and will become by far the most important foreign insurance company in our strategic market Russia,” commented Werner Zedelius, Board Member of Allianz SE, responsible for market growth. “This step underlines the importance of the CIS region and particularly Russia as core growth markets for Allianz. We will continue our strategy of winning new customers in major markets of Central and Eastern Europe and the CIS region.”

Allianz and Sistema began their participation in ROSNO in 2001. They have “transformed ROSNO into a fast growing and profitable insurer,” said the bulletin.

Topics Russia Allianz

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