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Allianz will remain active in Spain, with about 7 billion euros of assets outside the Allianz Popular joint venture. (Photo: Martin Leissl/Bloomberg) Allianz will remain active in Spain, with about 7 billion euros of assets managed outside the Allianz Popular joint venture. (Photo: Martin Leissl/Bloomberg)

Banco Santander SA agreed to pay 937 million euros ($1.1 billion) to buy Allianz SE out of an insurance joint venture in Spain, more than halving the value of the German insurer’s assets under management in the country.

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