Allianz SE To Buy Koc Holding AS And UniCredit SpA's JV Yapi Kredi Sigorta AS For Nearly EUR950 Million; Dai-ichi Life Insurance Co Ltd And Zurich Insurance Group AG Also Had Been In The Race-Reuters

Monday, 25 Mar 2013 12:41pm EDT 

Reuters reported that Allianz SE has agreed to buy Turkish insurerYapi Kredi Sigorta AS's core insurance arm and a majority stake in its pension unit for nearly EUR950 million ($1.2 billion). The deal was expected to be announced in the coming days. Japanese company Dai-ichi Life Insurance Co Ltd and Zurich Insurance Group AG had also been in the race for Yapi Kredi Sigorta, a joint venture (JV) between Turkish group Koc Holding AS and Italian bank UniCredit SpA.