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Allianz to Increase Stakes in Turkish Insurance Units- Allianz SE, Europe's biggest insurer, agreed to increase its stakes in two Turkish joint ventures as it seeks to tap an economy of 70 million people that's growing faster than its home market.
Allianz agreed to buy 47 percent of Koc Allianz Sigorta from Koc Holding AS and related companies for 248 million euros ($393 million) as well as 49 percent of life-insurance provider Koc Allianz Hayat & Emeklilik for 125.2 million euros, Koc Holding said in an e-mailed statement today. The German company and insurers including France's Groupama SA and Holland's Eureko BV have bought units in Turkey in the last couple of years to tap rising incomes and increasing interest in financial-services products. The country's economy grew 4.5 percent last year. Turkey ``has a relatively young demographic profile and still low insurance coverage,'' Allianz said in an e-mailed statement. ``The agreement strengthens our long-term commitment to the Turkish market, where we see a high potential for future growth,'' said Enrico Cucchiani, an Allianz management board member. Koc holding and its related companies will transfer the shares after Turkey's competition board gives its approval. http://www.bloomberg.com/apps/news?pid=20601100&sid=aFhDy4 39 times read
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