Saturday, January 20, 2018

Allianz plans to double Asian investment

The property unit of Allianz aims to double its investments in Asia over the next three years as it firms up its insurance operations in the region.

Rushabh Desai, chief executive of Allianz Real Estate for Asia-Pacific, said property investments may grow to €3.75 billion (US$4.5 billion) by the end of 2020 from about €1.8 billion currently.

He said this quick growth of the Asian insurance operations reflects that the firm is accumulating money that can be channelled back into property investments in Asia.

In turn, he said, this would boost its Asian exposure, which is relatively small so far, accounting for about only 3% of Allianz Real Estate’s €55 billion global portfolio centered in the US and Europe.

In an interview with Bloomberg, Desai noted that Asia has the most business potential at this time, since many areas are still under-served.

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