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Allianz making plans to wind down Iran business

Reuters - UK Focus

LONDON, May 15 (Reuters) - German insurer Allianz (Swiss: ALV-EUR.SW - news) is preparing to wind down Iran-related business due to possible U.S. sanctions, a spokesman said on Tuesday.

"We are analyzing our portfolio to identify Iran-related business," he said in an e-mailed statement.

"This analysis is ongoing and we are developing wind-down plans for relevant business to ensure appropriate termination within the defined periods."

Allianz's Iran business was "totally minimal", the spokesman said, adding that the insurer was also "waiting for and will consider any guidance that the EU and the German government may provide".

(Reporting by Carolyn Cohn, editing by Silvia Aloisi)