Allianz buys out AGF and Allianz Lebens as part of SE transfer

The acquisitions will cost Allianz €7.5bn • Insurers count Kyrill damages • Skandia sells Skandia Vida to CNP Assurances • Aegon and Sony Life form annuity company • Converium forms links in Brazil as the market opens to foreign reinsurers

Alllianz is to spend around €7.5bn ($9.7bn) to buy out minorities in two of its major subsidiaries – some 42.4% in AGF, and 9% in Allianz Lebensversicherungs AG. The step is a logical continuation of the process of designating Allianz as a European company, known as Societas Europaea (SE), and merging the Italian insurer RAS into the parent group.