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Allianz Ukraine to appeal licensing decision of Ukraine Insurance Regulator

4.1.2016

Ukraine’s insurance regulator Natzkomfinposlug decided on December 31, 2015, to apply a law “On licensing of economic activities” literally and issued a decision to revoke the licenses of Allianz Ukraine on the grounds that Allianz Ukraine is considered Russian-controlled.

Allianz Ukraine's original shareholders include companies with ties to Allianz in Russia. Both Allianz Russia and Allianz Ukraine are ultimately fully owned and controlled by Allianz SE, a world leading insurance and asset management company, headquartered in Munich, Germany, and part of the DAX-30, the index of Germany’s largest publicly traded companies.

Allianz has made all efforts to avoid any misunderstandings and has started several months ago to transfer of Allianz Ukraine’s shares to a EU resident entities. We have duly informed Natzkomfinposlug about this decision and the processes involved at all times. However, due to the cumbersome ownership transfer procedure in the various jurisdictions, this process is still ongoing.  

Given that the ultimate owner of Allianz Ukraine is clearly Allianz SE in Germany, it is with regret that we have taken note of the decision. Allianz Ukraine intends to fully comply with all Ukrainian laws and regulations. Allianz Ukraine will initiate appeal procedures with the aim of overturning the decision.

For the time being Allianz Ukraine is operating as normal, as the decision comes into force after a 30-day period. Until further notice we are pleased to serve all our multinational and local insurance clients in Ukraine in all aspects.

Allianz Ukraine aspires to resolve this matter with the authorities in due course. We will inform clients and the public accordingly.

 

About Allianz Ukraine

Allianz Ukraine Superadded Liability Company was registered on August 30, 2005 and is one of the leading insurers in Ukraine. The company is a member of the financial and insurance group Allianz, which has been providing reliable insurance coverage to millions of customers worldwide for 125 years. By combining international and Ukrainian risk and opportunity management experience Allianz Ukraine helps its customers move on and up in life and business with confidence.

In Ukraine the company focuses on corporate clients and big risks in insurance of property, liability and cargo. Insurance Top ranks Allianz Ukraine in TOP-10 of insurers dealing with corporate segment 3 years in a row. Allianz is in the Top 3 of the most reliable insurance companies by Forbes Ukraine (2014).