Allianz Is Said to Consider Sale of Stake in Saudi Arabia Unit

Allianz SE is considering a sale of its Saudi Arabian unit, people familiar with the matter said, a move that would help the German insurer streamline its portfolio and raise cash.

The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co., the people said, asking not to be identified because the matter is private.

Shares of Riyadh-based Allianz Saudi Fransi have dropped about 44% this year, giving the company a market value of roughly $231 million. Other insurers have expressed preliminary interest in acquiring the business, ...