June 25, 2017 / 6:52 PM / in a month

Allianz expects loss of around $224 million from sale of OLB

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FILE PHOTO: Flags with the logo of Allianz SE, Europe's biggest insurer, are pictured before the company's annual shareholders' meeting in Munich, Germany May 3, 2017.Michaela Rehle

FRANKFURT (Reuters) - German insurer Allianz (ALVG.DE) expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank (OLBG.F) to U.S. private equity firm Apollo (APO.N), it said on Sunday.

Allianz announced late on Friday that it had agreed to sell its 90 percent stake in the bank, which was no longer of strategic importance, for 300 million euros.

The insurer said the loss did not affect its profit outlook for the year, because it had already taken it into account.

It added that the sale would improve its Solvency II ratio, and that this was one of the reasons for the move.

Reporting by Alexander Huebner; Writing by Georgina Prodhan; editing by Susan Thomas

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