Allianz Plans To Exit Coal Investment -- Report
24 November 2015 - 7:07AM
Dow Jones News
By Ulrike Dauer
FRANKFURT--Europe's biggest insurer, Allianz SE (ALV.XE), plans
to exit coal investments in the short and medium term, the group's
chief investment officer, Andreas Gruber, told German public
television ZDF, according to a news summary of an interview to be
broadcast Tuesday evening.
"Within the next six months we will sell shares that we hold in
mining and energy companies generating more than 30% of their
revenues from coal," Mr. Gruber is quoted as saying. Allianz won't
sell bond investments in coal but will gradually exit when the
bonds mature, Mr. Gruber said.
An Allianz spokesman confirmed Mr. Gruber's remarks. Allianz has
4 billion euros ($4.25 billion) invested in coal, but more than 90%
of that is in bonds, the Allianz spokesman said.
Allianz plans to support the climate talks in Paris in December
with the move but also send a signal to its sector and capital
markets that climate-harming investments won't pay off in the
future, Mr. Gruber says.
Allianz plans to double investments in wind energy over the next
several years from roughly EUR2 billion currently, where it expects
annual returns of between 5% to 6%, Mr. Gruber said. Allianz is
Europe's biggest primary insurer by market value and a big
investor. It also owns Pacific Investment Management Company LLC,
or Pimco, one of the biggest bond fund managers.
-Write to Ulrike Dauer at ulrike.dauer@wsj.com
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(END) Dow Jones Newswires
November 24, 2015 01:52 ET (06:52 GMT)
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