Allianz ECONOMIC

Target: Allianz SE and attributable group entities

Research date: 27 October 2026

Scope: Israeli commercial operations, direct investments, controlled and jointly controlled businesses, sovereign-debt exposure, insurance underwriting, asset management, supply chains and occupied-territory relationships.

Supply Chain & Sourcing Relationships

Direct supplier relationships

No public evidence identified of Allianz SE or its examined subsidiaries procuring agricultural products directly from Mehadrin, Hadiklaim, Galilee Export or Agrexco successors.

The Israeli Credit Insurance Company Ltd. (ICIC) identifies Allianz Trade and Harel Insurance Investments & Financial Services Ltd. as its equal shareholders and describes credit-insurance services covering domestic and international commercial transactions. This establishes a financial-services relationship with the Israeli trading economy, although the publicly identified materials do not name agricultural exporters as insured customers.¹

Importer-of-record structure

No public evidence identified of Allianz SE maintaining a dedicated Israeli agricultural importer, produce-importing subsidiary or importer-of-record joint venture.

The documented Israeli investment is in trade-credit insurance rather than physical commodity importation. Euler Hermes’ 2013 Registration Document identifies ICIC as an Israeli credit insurer and confirms that Euler Hermes increased its investment to 50% during the second quarter of 2013.²

Seasonal sourcing

No public evidence identified of recurring Allianz procurement of Israeli dates, citrus, avocados, potatoes, herbs or other seasonal produce.

Third-party and indirect relationships

ICIC states that its commercial insurance business covers approximately 500 policyholders, including major Israeli companies, and supports insured sales exceeding $15 billion annually. It also describes insurance for trade involving 140 countries. Specific counterparties, individual insured shipments and originating agricultural suppliers are not publicly identified in the reviewed corporate description.¹

Financial-services supply chain

Euler Hermes’ 2013 Registration Document confirms that, during the second quarter of 2013, the company increased its participation in ICIC from an original 33% investment acquired in 2007 to 50%. The remaining 50% was held by its Israeli partner Harel Insurance Investment & Financial Services Ltd. The transaction established an equal-shareholder structure in the Israeli credit-insurance venture, subsequently confirmed by ICIC’s published ownership description. The registration document confirms completion during the second quarter of 2013 but does not identify the exact completion date or additional acquisition consideration.²

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

No public evidence identified of Allianz SE importing, retailing or labeling agricultural or manufactured products originating in Israeli settlements.

Country-of-origin labeling

No public evidence identified of a country-of-origin labeling enforcement action, regulatory citation or customs penalty concerning settlement-produced consumer goods handled by Allianz SE.

Corporate settlement-product policy

No public evidence identified of a specific Allianz corporate policy concerning the origin labeling or retail sourcing of settlement-produced goods.

Financial products and settlement activity

The OHCHR settlement-business database concerns specific commercial activities connected with Israeli settlements, including construction support, surveillance and use of natural resources. The publicly accessible database description does not itself establish Allianz’s participation in any listed activity.³

Insurance-product disclosures

ICIC publicly describes credit insurance, export-related insurance and commercial guarantees, including bid bonds, performance guarantees and advance-payment guarantees. These are financial products offered to commercial customers; its public description does not identify individual settlement-related insured projects.¹

Investment, Capital & Financial Exposure

Direct Israeli investment - ICIC

Euler Hermes’ 2013 Registration Document confirms that the company increased its investment in ICIC from the original 33% stake acquired in 2007 to 50% during the second quarter of 2013. The remaining 50% was held by Harel Insurance Investment & Financial Services Ltd. ICIC’s subsequent corporate description confirms that the equal-shareholder structure continued. The registration document establishes completion during the second quarter of 2013 but does not disclose the additional acquisition consideration or precise completion date.²

ICIC’s subsequent corporate description confirms equal ownership between Allianz Trade and Harel. The company describes itself as Israel’s leading credit insurer, reporting annual insured sales exceeding $15 billion and approximately 500 policyholders. The published figures describe ICIC’s business as a whole, rather than Allianz’s attributable revenue or profits.¹

The acting entity in the historical acquisition was Euler Hermes; the recipient was ICIC; and the local co-owner was Harel. Euler Hermes’ 2013 Registration Document, filed with the French financial-markets regulator in April 2014, confirms that the initial investment occurred in 2007 and that the increase to 50% was completed during the second quarter of 2013. ICIC’s subsequently retrieved corporate description confirms the continuing equal ownership. The registration document also identifies ICIC as an investment accounted for using the equity method in 2013. Whether the interest retains the same accounting classification under current rules requires examination of current financial statements and the governing shareholder agreement.²

Israeli operating companies acquired or controlled

ICIC is the principal identified Israeli operating-company investment: a 50% equal-shareholder credit-insurance venture. The reviewed materials do not establish unilateral control, a wholly owned Allianz Israeli manufacturing subsidiary, a military-supply business acquired by Allianz, or a physical manufacturing site operated by ICIC.¹

NEXT Insurance - minority investment and subsequent exit

On 1 November 2023, NEXT Insurance announced a $265 million financing involving Allianz X and Allstate. The announcement also described a strategic relationship with Allianz Re involving a multiyear reinsurance commitment. The acting investment entity was Allianz X; the beneficiary was NEXT Insurance; the disclosure channel was NEXT Insurance’s own website; and the exact portion of the financing attributable to Allianz X was not disclosed.⁴

Contemporary Israeli business reporting identified NEXT Insurance as Israeli-founded while describing the company as an insurance technology business focused on the US small-business market. Its founders included Guy Goldstein, Alon Huri and Nissim Tapiro. Israeli founding identity therefore requires separation from the location of the insured market and the company’s US headquarters.⁵

On 20 March 2025, ERGO Group AG announced an agreement to acquire NEXT Insurance through Munich Re Group. ERGO stated that it already held approximately 29% of NEXT before the transaction and that the announced acquisition valued 100% of the company at $2.6 billion.⁶

ERGO confirmed completion of the full acquisition on 1 July 2025. It reported approximately 700 employees, more than 600,000 customers and $548 million in 2024 revenue. These figures concern NEXT Insurance as acquired by Munich Re and are not Allianz group revenue figures.⁷

On 15 January 2026, NEXT Insurance announced its rebranding as ERGO NEXT Insurance and described its integration into the Munich Re/ERGO insurance network. Allianz X’s earlier investment is therefore historical; its precise disposal proceeds and realised return remain unidentified.⁸

Other Israeli-founded technology investments

An Israeli venture-investment database identifies Allianz X investments involving Fundbox and NEXT Insurance. The database does not establish Allianz’s current controlling interest in either company, and its aggregate funding-round values should not be interpreted as Allianz’s individual investment contributions.⁹

Additional investor information associates Allianz X with Empathy, an Israeli-founded technology company. The accessible investment records do not establish a controlling Allianz stake, exact percentage ownership or final exit date.¹⁰

Allianz X describes itself as Allianz Group’s corporate digital-investment arm, focused on growth companies in insurance, finance and related technology sectors. Its published portfolio includes both active investments and exits, which require individual ownership-date checks before inclusion in a current-holdings inventory.¹¹

Israeli sovereign bonds

AFSC Investigate reports that PIMCO, Allianz’s asset-management subsidiary, invests in Israeli government bonds. The retrieved source does not provide a complete current securities schedule establishing individual bond identifiers, balances, purchase dates or beneficial ownership of each managed portfolio.¹²

No public evidence identified in the retrieved primary documents of Allianz SE or PIMCO serving as a named lead underwriter of a specific Israeli sovereign-bond issue, acting as an Israel Bonds retail distributor, or arranging a named Israeli wartime debt issuance.

Defence-company equity holdings

Boycott Bloody Insurance’s March 2025 investigation reported that Allianz held approximately $452 million in investments across 15 companies whose equipment or services were connected to Israeli military supply chains. The research specifically identified an investment relationship involving Elbit Systems. These figures are reported research findings and require fund-level reconciliation before classification as proprietary Allianz balance-sheet assets.¹³

Al-Haq publicised the same insurance-industry investigation on 11 March 2025, identifying Allianz among insurers whose investments or underwriting relationships were examined in connection with military contractors including Boeing, Lockheed Martin and Elbit Systems. Its publication notice provides the scope of the investigation but does not independently identify the beneficial owner of every underlying security.¹⁴

Ethical Consumer reported in August 2026 that the 2025 investigation attributed approximately $452 million of defence-related investments to Allianz and identified Allianz among insurers providing cover to a defence-industry company. The publication treated these figures as findings of the campaign investigation.¹⁵

Insurance underwriting - Elbit Systems UK

AFSC Investigate reports that Allianz formerly provided employer’s liability insurance to Elbit Systems UK. AFSC states that Elbit Systems UK changed this identified policy to Aspen Insurance in December 2025. The precise Allianz legal insurer, policy number, premium, inception date and coverage limits were not established from the reviewed materials.¹²

The reported relationship was therefore active before its December 2025 replacement, including a period after the ICJ advisory opinion of 19 July 2024 and the ICC arrest warrants issued in November 2024. AFSC expressly leaves the existence of other insurance arrangements unresolved; the identified policy’s cessation does not establish cessation of every Allianz–Elbit commercial relationship.¹²

The 2026 Boycott Bloody Insurance insurance-sector review separately described Allianz’s cessation of the Elbit underwriting relationship while reporting continuing investment exposure. This is a campaign-reported status distinction, and the exact current securities positions require further verification.¹⁶

Research and innovation facilities

No public evidence identified of an Allianz-owned Israeli research laboratory, manufacturing R&D centre or dedicated military technology development facility.

The identified innovation relationships concern venture financing and commercial insurance technology. Allianz X’s published investment approach describes strategic financing of technology businesses; it does not, by itself, establish that Allianz operates their engineering facilities.¹¹

Controlling-principal investments

No public evidence identified in the reviewed materials of a separately documented personal or family-office controlling investment by Allianz chief executive Oliver Bäte or supervisory-board chair Michael Diekmann in an Israeli defence manufacturer, settlement enterprise or sovereign-bond distribution business.

PIMCO’s unaudited Schedule of Investments dated 31 March 2025 identifies four Israel Government International Bond positions in its Global Bond Opportunities Portfolio (Unhedged). The reported market values were USD 202,000 for the 5.375% bond due 12 March 2029; USD 706,000 for the 5.375% bond due 19 February 2030; USD 199,000 for the 5.500% bond due 12 March 2034; and USD 184,000 for the 5.750% bond due 12 March 2054. Their aggregate reported market value was USD 1.291 million, against an acquisition cost of USD 1.284 million. The schedule classified the positions as Israeli sovereign issues representing 1.0% of the portfolio. These are historical fund-level securities holdings as of 31 March 2025; they do not establish proprietary Allianz balance-sheet ownership or positions remaining outstanding on 27 October 2026. The figures were recovered from the indexed March 2025 schedule, while the live documentviewer URL now serves a March 2026 edition, so the historical edition should be independently retained for reproducible verification.¹⁷

PIMCO’s Emerging Markets Bond Portfolio Schedule of Investments dated 31 March 2025 separately identifies three Israeli corporate-debt positions: ICL Group Ltd., 6.375% due 31 May 2038, with a market value of USD 203,000; Israel Electric Corporation Ltd., 3.750% due 22 February 2032, valued at USD 268,000; and Leviathan Bond Ltd., 6.125% due 30 June 2025, valued at USD 200,000. The three corporate positions totalled USD 671,000, classified as 0.3% of the portfolio. The same Israeli section identifies three Israel Government International Bond positions: 5.375% due 12 March 2029, valued at USD 101,000; 5.375% due 19 February 2030, valued at USD 504,000; and 5.625% due 19 February 2035, valued at USD 497,000. These sovereign positions totalled USD 1.102 million, classified as 0.7% of the portfolio. Combined Israeli corporate and sovereign exposure was therefore USD 1.773 million, representing 1.0% of the portfolio. These figures establish historical exposure within this specific PIMCO-managed portfolio, without identifying the ultimate beneficial investors or proving direct Allianz corporate ownership. The March 2025 values were recovered from the indexed historical schedule; the live PIMCO documentviewer URL now serves a March 2026 edition.¹⁸

An investigation by Sebastian Shehadi, originally published by Middle East Eye on 19 June 2026 and subsequently reproduced by Brave New Europe, reports that Allianz-group entities held approximately USD 2.67 billion in Israeli government bonds as of September 2025, according to institutional-investor data supplied by Dutch financial research firm Profundo. The reported holdings represented 51.8% of all non-Israeli sovereign-bond holdings identified in Profundo’s dataset at that date. The aggregated entities included Allianz’s German operations, PIMCO’s US fund platform, PIMCO Europe and Allianz Global Investors. Profundo’s research identified approximately USD 32 million in group holdings in November 2024, followed by a substantial increase during 2025. These are attributed research findings based on aggregated regulatory disclosures, rather than an independently reconciled inventory of individual bond positions or evidence of direct Allianz SE balance-sheet ownership. The September 2025 figure represents a historical reporting-date exposure, not a verified balance at 28 October 2026.¹⁹

Follow the Money independently reported on 6 October 2025 that Allianz, through its subsidiary PIMCO, had purchased approximately USD 960 million in Israeli government bonds, citing a Profundo investigation. The report was published before the September 2025 aggregate became publicly identified in the June 2026 Middle East Eye investigation. The USD 960 million figure concerns PIMCO’s attributed purchases in the earlier investigation, whereas the USD 2.67 billion figure concerns a wider aggregation of Allianz-controlled investment-management entities and fund vehicles. The figures therefore describe different research scopes or observation periods and should not be added together. Follow the Money contacted Allianz for comment; its spokesperson declined to discuss individual investments while stating that business decisions complied with applicable legislation and the group’s environmental, social and governance standards.^{20, 19}

The June 2026 investigation reports that Profundo examined four institutional-investor snapshots between November 2024 and March 2026. Profundo senior researcher Ward Warmerdam stated that Allianz, principally through PIMCO, had remained a major non-Israeli investor in Israeli sovereign debt and had not divested despite the international legal proceedings concerning Israel’s conduct. The investigation reports continued substantial exposure in the early-2026 dataset, including approximately USD 2.43 billion in German-attributed Israeli bond holdings in March 2026, of which approximately 94% was managed by PIMCO from the United States. This provides evidence of exposure extending beyond September 2025, although the USD 2.43 billion is a country-attributed figure rather than a separately verified Allianz-group consolidated total. The investigation does not disclose a complete March 2026 entity-by-entity holdings schedule, and neither Allianz nor PIMCO had responded to its detailed questions by publication. Continued holdings are consequently supported by the researcher’s account and aggregated data, while their exact value and composition on 28 October 2026 remain unverified.¹⁹

The USD 2.67 billion September 2025 figure should be interpreted as exposure within investment vehicles managed by Allianz-controlled asset managers, rather than as proof that Allianz SE owned the bonds using shareholder capital. The June 2026 investigation explicitly distinguishes bonds held within PIMCO fund vehicles from additional purchases executed by PIMCO for external institutional clients, including pension funds. It identifies USD 29.2 million in Israeli sovereign-bond purchases conducted through PIMCO for UK pension investment pool Border to Coast during 2024–2025 as an example of this additional client-mandate exposure. The investigation states that these external mandates were excluded from the USD 2.67 billion fund-vehicle aggregation. This distinction prevents reliable attribution of all managed sovereign-bond exposure to Allianz’s proprietary investment portfolio or calculation of its direct economic returns.¹⁹

2026 to 28 October 2026 - no public evidence identified: searches for independently accessible, comprehensive security-level disclosures reconciling the reported USD 2.67 billion September 2025 aggregate across Allianz SE, PIMCO US, PIMCO Europe and Allianz Global Investors; the individual holdings attributable to each entity; ultimate beneficial ownership of the underlying securities; acquisition prices; realised returns; and exact outstanding balances at 28 October 2026. The accessible Follow the Money investigation and Middle East Eye republication substantiate the reported aggregate figures and their attribution to Profundo, but do not reproduce the underlying complete regulatory-filing dataset or provide a verified October 2026 holdings inventory. Profundo’s accessible corporate website describes its research activities but does not itself establish those individual positions. Accordingly, the historical and early-2026 exposures are reportable, while the exact current holdings remain unverified.^{19, 20, 21}

Operational Presence & Market Activity

Israeli operating footprint

ICIC represents the strongest documented local operating presence connected with Allianz. Its corporate description identifies Allianz Trade and Harel as equal shareholders and states that the venture provides credit insurance for Israeli domestic and foreign trade.¹

The company’s public description reports approximately 500 commercial policyholders, annual insured sales exceeding $15 billion and services involving 140 countries. These measures describe commercial activity and insured transaction volume, not the number of Allianz employees, the venture’s insurance revenue or Allianz’s net economic contribution.¹

Commercial distribution and customers

ICIC offers commercial credit insurance and guarantees to companies trading domestically and internationally. The acting entity is ICIC; its beneficiaries are insured businesses and their commercial counterparties; the disclosure channel is icic.co.il; the accessible corporate description indicates an operating business, but does not publish a complete named customer register.¹

Employment

No independently verified current headcount identified for ICIC’s Israeli workforce.

The approximately 700 employees disclosed in the July 2025 NEXT Insurance transaction belonged to the company acquired by Munich Re. They cannot be attributed to Allianz’s current workforce.⁷

Tax and regulatory position

ICIC describes itself as an Israeli credit-insurance company offering insured commercial transactions and guarantees. Its public profile does not provide a current tax-payment figure attributable to Allianz or establish Preferred Technology Enterprise status for Allianz SE.¹

Market positioning

ICIC characterises itself as Israel’s leading credit insurer and reports annual insured sales exceeding $15 billion. This is the operating company’s own market-position statement; independently audited sector market-share percentages were not identified in the reviewed documents.¹

Euler Hermes’ 2013 Registration Document identifies ICIC as Israel’s leading credit insurer and confirms that Euler Hermes completed its increase to a 50% ownership interest during the second quarter of 2013 [pre-2020]. The document establishes the historical investment and its completion, while ICIC’s later ownership description confirms continuation of the relationship. No public evidence identified in the replacement source establishing the specific Mediterranean growth-strategy statement or the original announcement’s comments concerning Israeli export-oriented customers.²

Settlement-area operations

No public evidence identified of an Allianz-branded branch, agency, insurance office, warehouse or controlled technology centre specifically located in a West Bank settlement, East Jerusalem settlement or occupied Golan Heights settlement.

No individual settlement business was identified as an insured ICIC customer in the retrieved materials.

Military-related employment policies

No public evidence identified of an Allianz-specific Israeli reservist salary-subsidy programme, military-leave funding arrangement or employer donation-matching programme explicitly supporting a named Israeli military beneficiary.

Corporate Structure & Foundational Ties

Corporate origin

Allianz SE is a German insurance and asset-management company headquartered in Munich. The group was established in Germany rather than Israel. AFSC identifies Allianz SE as the German holding company of Allianz Group and describes its international insurance and investment operations.¹²

Israeli-nexus factors

• Israeli founding of Allianz SE: no public evidence identified; the reviewed corporate profile identifies the parent as German.¹²
• Israeli corporate headquarters or principal management: no public evidence identified for Allianz SE; its headquarters are identified as Munich.¹²
• Israeli tax residency or Preferred Technology Enterprise status for Allianz SE: no public evidence identified.
• Israeli beneficial ownership or control of Allianz SE: no public evidence identified in the reviewed ownership material.
• Direct ownership of an Israeli economic enterprise: ICIC’s public disclosure establishes the continuing Allianz Trade/Harel equal-shareholder structure.¹

Group entities and attribution

Allianz SE - German parent and principal group holding company; reviewed for Israeli financing, investment and insurance relationships. AFSC identifies it as the headquarters entity of the international Allianz Group.¹²

Euler Hermes - Allianz trade-credit business; acquired an initial ICIC stake in 2007 and increased its ownership to 50% during the second quarter of 2013, as confirmed by its 2013 Registration Document.²

Allianz Trade - commercial identity associated with Euler Hermes and identified as ICIC’s equal shareholder alongside Harel.¹

ICIC - Israeli operating credit insurer; equal-shareholder venture providing domestic and international commercial credit insurance.¹

Harel Insurance Investments & Financial Services Ltd. - Israeli joint-venture co-owner identified in Euler Hermes’ 2013 Registration Document as holding the remaining 50% of ICIC.²

Allianz X GmbH - strategic digital investment arm of Allianz Group; published investment records identify technology-company financing and portfolio relationships.¹¹

Allianz Re - Allianz-related reinsurance counterparty described in NEXT Insurance’s November 2023 commercial partnership announcement.⁴

PIMCO - Allianz asset-management subsidiary with Israeli government-bond exposure reported by AFSC.¹²

NEXT Insurance - former Allianz X investment recipient; subsequently acquired in full by Munich Re/ERGO in July 2025.⁷

Historical and subsequent acquirer distinction

Munich Re and its subsidiary ERGO Group AG acquired NEXT Insurance in 2025. Munich Re’s own venture-capital account describes earlier investments and the eventual acquisition. Munich Re and ERGO are separate from Allianz’s corporate group, and their subsequent ownership cannot be attributed to Allianz.²²

Founders, executives and named principals

Oliver Bäte - identified by AFSC as Allianz’s chief executive; searches of the reviewed Israel-related investment and underwriting material did not establish a separately attributable personal Israeli investment.¹²

Michael Diekmann - identified in corporate-governance research as an Allianz supervisory-board principal; no public evidence identified in the retrieved investment records of a specific personal Israeli defence or settlement-company investment.

Wilfried Verstraete - identified in Euler Hermes’ 2013 Registration Document as chairman of its Board of Management. The document confirms the company’s increased ICIC investment but does not attribute a personal investment to Verstraete. No public evidence identified in the replacement source for his specific comments concerning the ICIC transaction or Mediterranean regional growth strategy.²

Guy Goldstein, Alon Huri and Nissim Tapiro - identified as founders of NEXT Insurance in reporting on the November 2023 financing. Their founding roles do not establish personal control of Allianz SE.⁵

Shareholder holdings of 10% or more

No independently verified complete current list of Allianz SE shareholders holding at least 10% of issued equity was established from the retrieved, downstream-permitted documents.

Israeli state ownership and governance

No public evidence identified of the Israeli state holding a controlling equity interest in Allianz SE.

No public evidence identified of an Israeli government-appointed director, Israeli-state golden share, veto right or special constitutional mechanism governing Allianz SE.

Public institutional and governance relationships

The ICIC joint venture operates in the Israeli credit-insurance market and offers financing-related guarantees. Its published profile establishes the commercial nature of its activities without naming a specific Israeli government contract or military procurement programme.¹

As of 27 October 2026, Dr. Jörg Schneider was Chairman of the Supervisory Board of Allianz SE, having succeeded Michael Diekmann on 7 May 2026 following that day’s Annual General Meeting. Allianz SE’s March 2026 AGM convocation explicitly proposed Schneider as Diekmann’s successor at the constituent Supervisory Board meeting. Subsequent corporate-governance records confirm that the succession took place. Schneider had joined the Supervisory Board on 8 May 2024 and served as Vice Chairman before assuming the chairmanship. His chairmanship commenced on 7 May 2026 and remained current on the research date. Michael Diekmann’s chairmanship ran from 7 May 2017 until the close of the AGM on 7 May 2026. Allianz Group’s 2017 Annual Report explicitly records Diekmann as Chairman from 7 May 2017, succeeding Helmut Perlet. These findings confirm the existing audit’s identification of Diekmann as a historical supervisory-board principal but correct any interpretation of its reference to him as the current chair. The existing statement under “Controlling-principal investments” naming “supervisory-board chair Michael Diekmann” is outdated as of 27 October 2026; the incumbent was Jörg Schneider. This governance succession does not itself establish any personal Israeli investment by either individual.^{23, 24, 25}

Profit Repatriation & Economic Contribution

Israeli-market commercial activity

ICIC reports insured sales exceeding $15 billion annually and approximately 500 policyholders. These figures demonstrate the volume of transactions supported by the Israeli operating company, but they do not represent Allianz Group revenue or the value of premiums earned by Allianz.¹

Capital participation

Euler Hermes initially acquired 33% of ICIC in 2007 and increased its holding to 50% during the second quarter of 2013. Its 2013 Registration Document confirms completion of that increase and identifies Harel as the remaining 50% shareholder. ICIC’s later public corporate description confirms equal ownership between Allianz Trade and Harel. This establishes an investment relationship extending beyond the July 2024 ICJ advisory opinion and the November 2024 ICC arrest warrants, although the exact present legal ownership register and the original transaction’s precise completion date were not independently obtained.²

Investment capital into Israeli-founded companies

Allianz X participated in NEXT Insurance’s November 2023 financing alongside Allstate. The disclosed $265 million was the total strategic financing round. The individual Allianz X investment amount and its eventual realised proceeds were not established.⁴

Following the July 2025 acquisition, NEXT Insurance became part of Munich Re’s ERGO structure. ERGO’s acquisition announcement disclosed a $2.6 billion valuation for 100% of the business, but did not separately identify the amount received by Allianz X.⁷

Israeli investment databases identify Fundbox and Empathy as additional Israeli-founded Allianz X investment leads. The reviewed records do not establish the current ownership percentage, profit distributions or tax contributions arising from those investments.⁹

Sovereign-debt investment channel

AFSC reports that Allianz-owned asset manager PIMCO invests in Israeli government securities. Portfolio-investment returns and the direction of any distributions depend on the particular funds, security positions and investors; those underlying records were not fully established in this review.¹²

Defence-related investment channel

The March 2025 Boycott Bloody Insurance investigation reported approximately $452 million of Allianz investment exposure across 15 defence-related companies. The campaign’s research described exposure to Elbit Systems, while later research continued to identify Allianz among insurance-industry investors connected with military supply chains.¹³

Insurance underwriting and premium flows

AFSC reports a previous employer’s liability insurance arrangement between Allianz and Elbit Systems UK, with Aspen Insurance replacing the identified cover in December 2025. The premium value, insured limits and any reinsurance arrangements were not established, preventing quantification of the economic benefit from that particular insurance relationship.¹²

Direction of profit flows

The historical Euler Hermes investment established a foreign-parent capital interest in an Israeli operating venture. Euler Hermes’ 2013 Registration Document confirms the increased ownership interest but does not disclose ICIC’s actual dividends, retained earnings or the amount remitted to Allianz entities.²

No public evidence identified of a quantified annual remittance of ICIC earnings to Germany or a quantified transfer of Allianz global profits into Israel.

Israeli corporate taxation

No independently verified amount identified for Israeli corporate income tax, payroll taxes, withholding taxes or other annual government receipts attributable to Allianz’s interest in ICIC.

Economic ecosystem role

ICIC publicly characterises itself as Israel’s leading credit insurer and reports a large volume of insured domestic and international sales. This identifies its claimed sector position and substantial commercial transaction coverage, while leaving independently audited market share, net premiums and attributable Allianz profits unquantified.¹

Settlement-specific financial contribution

No public evidence identified from the retrieved documents quantifying revenue, premiums, lending, investments, tax payments or guarantees directly attributable to Israeli settlements through ICIC or another Allianz-controlled entity.

Temporal status of the principal relationships

The ICIC participation originated in 2007 [pre-2020], with an increase from 33% to 50% completed during the second quarter of 2013 [pre-2020]. Euler Hermes’ 2013 Registration Document confirms the completed transaction, and ICIC’s subsequently published corporate material confirms that the equal-shareholder structure remains publicly described.²

The Allianz X/NEXT Insurance investment was publicly disclosed in November 2023 and was followed by the full acquisition of NEXT by Munich Re/ERGO in July 2025. The investment is historical; the Allianz X exit proceeds remain unidentified.⁷

The identified Elbit Systems UK employer’s liability insurance arrangement was reported as ending in December 2025. Other insurance arrangements remain unknown.¹²

The defence-company investment exposure was reported in March 2025, with subsequent 2026 sector research identifying continuing investment exposure. Exact security-level balances at 27 October 2026 remain unverified.¹⁶