"Along with its share package of about 47.4%, Allianz now owns about 97% of Rosno shares," the companies said in a joint statement.
AFK Sistema, one of Russia's largest diversified corporations, with business interests ranging from banking to telecommunications, will continue to participate in Rosno's development with a stake of about 3%, the statement said.
"Originally our partnership assumed that at some stage in the company's development, control would be concentrated in the hands of one core shareholder," AFK Sistema President Alexander Goncharuk said.
Rosno, a leading Russian insurance company, has a charter capital of 1.18 billion rubles (about $45 million), with insurance policies concluded with 7 million individuals and 50,000 corporate entities, the company said on its Web site.
Allianz, one of the world's leading insurers and financial services providers with 60 million clients in more than 70 countries, joined Rosno's shareholders in July 2001, after purchasing a 47.2% stake in the company.
Allianz posted a net income of 1.59 billion euros in the first nine months of 2006.
