July 10, 2020 / 9:28 PM / a month ago

Brazilian insurer Sul America concludes $600 million sale of some units to Allianz

FILE PHOTO: The logo of Allianz is seen on a building in Paris, France, April 30, 2020. REUTERS/Charles Platiau

RIO DE JANEIRO (Reuters) - Brazilian insurer Sul America SA (SULA11.SA) has concluded its 3.18 billion reais ($597 million) sale of its auto unit and other businesses to Germany’s Allianz SE (ALVG.DE), it said in a securities filing on Friday.

The deal was originally announced in August 2019. The sale will appear in the company’s second quarter results.

Reporting by Gram Slattery; Editing by Chris Reese

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