Allianz Group has successfully increased its stake in the leading credit insurer Euler Hermes to 92.43 percent.
In November, Allianz first announced it intended to increase its 63 percent shareholding in Euler Hermes by buying out minority shareholders. Since then, it has invested 1.5 billion euros (US$1.9 billion) to buy an additional 29.43 percent stake, said the Munich-based company on Feb. 14.
Allianz said the transaction is expected to be immediately earnings-per-share (EPS) accretive.
The investment “allows Allianz to deploy capital in a strategic business that delivers solid operating performance and to strengthen its position in the property and casualty sector,” said Allianz in a statement.
The transaction will have no impact on Allianz’ planned share buy-back program for 2018 in the amount of up to 2 billion euros ($2.5 billion).
Source: Allianz
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