RIYADH: Allianz Saudi Fransi Cooperative Insurance Co. reported stronger earnings for the first half of 2022, amid news that its German parent company is planning to sell its stake in the Saudi unit.
The joint venture between Allianz Group and Banque Saudi Fransi saw its net profit before Zakat surge 13 percent to SR10 million ($2.7 million), according to a bourse filing.
Allianz Saudi Fransi attributed the results to an increase in net earned premium by 16.2 percent and a reduction in expense ratio.
It was reported by Bloomberg earlier this month that German-based Allianz Group is working with an advisor to potentially sell its 51 percent stake in the Saudi unit.
Bloomberg’s unnamed sources, however, made it clear that deliberations are still in early stages, and Allianz may even decide to retain the asset.
Shares of Allianz Saudi Fransi have dropped about 44 percent year-to-date and the company’s market value currently stands at SR871 million.