The Allianz SE offices in Paris, France. Photographer: Benjamin Girette/Bloomberg The deal won’t impact solvency capitalization or cash position, Allianz reported. (Credit: Benjamin Girette/Bloomberg)

(Bloomberg) — Allianz SE will take a hit of about 400 million euros ($430 million) to profit from the sale of a majority of its Russian operations, part of a retreat from the country in the wake of the war in Ukraine.

Allianz, which is selling the stake to Interholding LLC, will own 49.9% of the combined company after the transaction, the Munich-based company said in a statement on Friday. The deal won’t impact its solvency capitalization and cash position.

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