The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

FRANKFURT, March 14 (Reuters) - The German insurer and asset manager Allianz (ALVG.DE) said on Monday that it had put a stop to insuring new business in Russia and was no longer investing in the nation for its own portfolio.

The announcement by Allianz follows a raft of similar announcements from the financial industry in the wake of Russia's invasion of Ukraine.

"Our operating entities are no longer underwriting new insurance business in Russia, and are decisively reducing exposure in an orderly manner," the company said.

Allianz has until now been operating numerous business lines in Russia.

The company's operations in Russia and Ukraine contributed to 0.2% of group operating profit in 2021, while its overall investment exposure is 0.3% of the group's own portfolio of 808.5 billion euros ($885.71 billion).

Reporting by Tom Sims and Alexander Huebner Editing by Miranda Murray

Source: Reuters

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