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Allianz to pull funds out of coal businesses
[BERLIN] German insurer Allianz plans to pull investments out of companies with links to coal and boost funding of firms in wind energy, broadcaster ZDF reported on Monday, citing the company's investment chief.
"We will no longer invest in mining companies and utilities that generate more than 30 per cent of their sales or energy creation from coal," Andreas Gruber was quoted as saying.
Allianz will make the shift over the next six months, Gruber said, and double its exposure in wind energy to about 4 billion euros (S$6.02 billion) in coming years.
Its new Chief Executive, Oliver Baete, has pledged to boost growth and profit at Europe's largest insurer.
Subdued economic growth and rock-bottom interest rates are eroding insurers' earnings prospects, even as regulators demand they devote more resources to protecting policyholders.