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Allianz Exiting Coal Stocks on Climate Change, CIO Tells ZDF

  • Insurer selling shares in next 6 months, holding on to bonds
  • Firm to double investments in wind power from 2 billion euros
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Allianz SE is turning its back on coal as returns evaporate from energy generation that is harmful to the environment.

Europe’s largest insurer plans to exit holdings in mining companies and utilities that derive more than 30 percent of their sales or power supply from the fossil fuel, Chief Investment Officer Andreas Gruber told German television station ZDF in an interview. Allianz will sell its shares in those companies in the next six months while holding their bonds until maturity, Gruber said in an excerpt of the interview to be aired on Tuesday evening. Spokesman Nicolai Tewes confirmed the accuracy of the report.