MUNICH (Bloomberg) — Allianz SE, Europe's biggest insurer by market value, will remove its shares from exchanges in New York, London, Milan, Paris and Switzerland because more than 95 percent of trading occurs in Germany.

Allianz told the New York Stock Exchange it will remove its American depositary shares and 8.375 percent undated subordinated callable bonds, the Munich-based insurer said in a statement. The shares will be delisted from exchanges in Europe "in due course," Allianz said.

Trading of Allianz shares on exchanges outside Germany accounts for "significantly less" than five percent of the total, even though about 70 percent of the company's stock is held by investors outside the country, the insurer said. BASF SE, the German chemical maker, and Air France-KLM Group have also taken their stock off the NYSE to cut costs.

"The vast majority of international investors already uses our listing in Frankfurt to buy and sell Allianz shares," management board member Paul Achleitner said in the statement.

Allianz rose 88 cents, or 1.1 percent, to 84.57 euros in Frankfurt trading. The shares have advanced 13 percent so far this year, compared with an 11 percent gain in the 31-company Bloomberg Europe 500 Insurance Index.

The NYSE delisting is expected to take effect on October 23, spokeswoman Petra Kruell said. Allianz ADRs will continue to trade in the US over-the-counter market.

The decision won't affect Allianz's strategy or its presence in geographic markets, the company said.