Munich Re, the world's biggest reinsurer, said on Friday that it had sold a further one-percent stake in insurance giant Allianz for 375 million euros ($473 million) as part of its ongoing reduction of its portfolio of shareholdings. The latest sale of shares brings Munich Re's stake in Allianz down to around 8 percent. In 2003, when the reinsurer embarked on the program of lowering its share stakes, the two companies had cross-shareholdings of 25 percent. Munich Re also has a stake of just over 18 percent in German bank, HypoVereinsbank, which it is also in the process of scaling back.