Singapore markets close in 7 hours 53 minutes
  • Straits Times Index

    3,365.67
    -12.62 (-0.37%)
     
  • Nikkei

    27,506.71
    +179.60 (+0.66%)
     
  • Hang Seng

    21,842.33
    -227.40 (-1.03%)
     
  • FTSE 100

    7,771.70
    -13.17 (-0.17%)
     
  • BTC-USD

    23,103.93
    +258.26 (+1.13%)
     
  • CMC Crypto 200

    524.33
    +5.54 (+1.07%)
     
  • S&P 500

    4,076.60
    +58.83 (+1.46%)
     
  • Dow

    34,086.04
    +368.95 (+1.09%)
     
  • Nasdaq

    11,584.55
    +190.74 (+1.67%)
     
  • Gold

    1,942.90
    -2.40 (-0.12%)
     
  • Crude Oil

    79.05
    +0.18 (+0.23%)
     
  • 10-Yr Bond

    3.5290
    -0.0220 (-0.62%)
     
  • FTSE Bursa Malaysia

    1,485.50
    -13.89 (-0.93%)
     
  • Jakarta Composite Index

    6,839.34
    -33.14 (-0.48%)
     
  • PSE Index

    6,793.25
    -177.72 (-2.55%)
     

Allianz deal to sell Russia operations faces delay due to regulator

FILE PHOTO: The logo of Allianz is seen in Paris

FRANKFURT (Reuters) - The insurer Allianz 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."

($1 = 0.9966 euros)

(Reporting by Tom Sims and Alexander Huebner, Editing by Miranda Murray)