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Business

Munich Re to Cut Stakes in HVB, Allianz

Munich Re, the world's leading reinsurer, intends to cut its stakes in HypoVereinsbank, Germany's second biggest bank, and in insurance giant Allianz, chairman Nikolaus von Bomhard said in a newspaper interview published Tuesday. Munich Re holds just over 18 percent in HVB and just under 10 percent in Allianz. "For strategic reasons, we're still very interested in HVB's distribution network, but we don't need a stake of that size for that," von Bomhard told the daily Süddeutsche Zeitung. "It is our aim to reduce balance sheet risks. We currently have too many bank risks," the chairman said. Munich Re had been approached by a number of potential buyers for the stake, he continued. With regard to Allianz, the Munich Re chairman said: "I don't know how big a stake we'll hold in a year's time. But I suppose it'll be less than we hold now." Munich Re cut its stake in Allianz from 12 percent at the beginning of the year to under 10 percent. The two insurance giants have had close ties ever since they were set up, but decided last year to untangle their tight-knit web of cross-shareholdings. Turning to Munich Re's earnings target for the current year, von Bomhard said the group was still aiming for net profit of €1.8-2.0 billion ($2.4-2.7 billion). "That range is still valid and we're on the way" to achieving it, he said.

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