© Reuters. FILE PHOTO: The logo of Allianz is seen on a building in Paris, France, April 30, 2020. REUTERS/Charles Platiau
FRANKFURT (Reuters) – The insurer Allianz (ETR:) said on Thursday that a deal to sell a majority stake in its Russian operations was delayed as it awaits regulatory approval.
Allianz said that the financial hit of around 400 million euros ($401.36 million) to profit from the deal would now occur in the fourth quarter of this year or in the first quarter of 2023.
Allianz had previously said it expected the hit in the third quarter.
“It’s simply a delay driven by the regulator” in Russia, an Allianz spokesperson said. “We are awaiting regulatory approval.”
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