Sunday, July 23, 2017

Allianz seeks to accelerate growth in Asia

German insurer Allianz is now planning to accelerate growth in the region, according to the insurer’s Asia-Pacific business CEO George Sartorel.

The region currently only generates about 4% of the insurer’s premiums, but Sartorel said Asia holds a very big potential for the company.

Allianz lags behind other European insurers in Asia Pacific. Prudential generates 36% of its premiums from the region while Axa draws about 10%, according to a Bloomberg report.

Sartorel’s optimism comes at a time when Allianz is awaiting a licence to sell online insurance in China in partnership with Chinese search engine Baidu and asset manager Hillhouse Capital Management. The licence will give Allianz access to 800 million potential customers.

The German insurer also joined with Standard Chartered earlier this year to sell general insurance in Asia through the bank’s branches and digital platforms.

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