Europe’s largest insurer to trade only on Frankfurt exchange
Allianz is to delist from the New York, London, Milan, Paris and Swiss stock exchanges to reduce reporting complexities and save a "midsize single-digit million euros amount annually," Dow Jones reports.
Allianz said: "The delistings will have no impact on the strategic orientation of Allianz nor on its presence in the individual geographic markets," Reuters reported.
A spokesman said delisting will save a "midsize single-digit million euros amount annually”.
Shareholders happy with German listing
"Allianz adjusts to international trading practices and by doing so reduces the complexity of its presence in the capital markets," chief financial officer Paul Achleitner said. "The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares."
Trading of Allianz shares on non-German stock exchanges accounted on average for less than 5% of the total trading of Allianz shares, despite about 70% of Allianz shares being held outside Germany.
Bloomberg reported that Allianz’s shares rose 88 cents, or 1.1%, to €84.57 in Frankfurt trading. The shares have advanced 13% so far this year, compared with an 11% gain in the 31-company Bloomberg Europe 500 Insurance Index.