BREAKING NEWS

BREAKING NEWS

Allianz more than doubles digital investment fund to $1.1 billion

Allianz more than doubles digital investment fund to $1.1 billion
FILE PHOTO: A shareholder of Europe's biggest insurer Allianz SE arrives for the company's annual meeting in Munich, Germany, May 6, 2015. REUTERS/Michaela Rehle -
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Michaela Rehle(Reuters)
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FRANKFURT (Reuters) - German insurer Allianz said on Wednesday it had more than doubled the size of a fund devoted to digital investments.

Allianz X, as the fund is known, has been increased to 1 billion euros (£868.8 million or $1.1 billion), from the 430 million euros originally announced in 2016.

"The funds will be used to make additional direct investments in digital companies globally that are strategically relevant for the Allianz Group," it said in a statement.

Allianz X already has more than 15 investments in companies that include the financial technology, "fintech", firm N26.

(Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Alexander Smith)

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