Friday, January 19, 2018

Allianz and Sri Ayudhya Capital to deepen cooperation in Thailand

Allianz and Sri Ayudhya Capital are deepening their partnership across both life and general insurance businesses.

Under the terms of the agreements, 100% of the business of Allianz General Insurance will be transferred to Sri Ayudhya General Insurance and operated as a single entity.

Allianz and its affiliate will transfer 11.8% of life insurance company Allianz Ayudhya Assurance to Sri Ayudhya Capital, increasing its total stake to 32%. Consequently, Allianz and its affiliate will receive new shares from Sri Ayudhya Capital and effectively become its largest shareholder.

“We are excited to expand the partnership with Allianz, and work with them to drive brighter growth prospect,” said Veraphan Teepsuwan, chairman of Sri Ayudhya Capital. “I’m confident this creates significant long-term value for our shareholders.”

In view of the extended partnership and business synergies, Sri Ayudhya Capital will be renamed Allianz Ayudhya Capital, though it will continue to trade on the Stock Exchange of Thailand under the AYUD ticker.

“Today’s announcement sees us taking this partnership further and across the full footprint of our businesses in Thailand, to create a stronger, larger and more resilient insurance franchise,” said George Sartorel, Allianz’s regional CEO for Asia Pacific. “With the expanded ability to invest and innovate locally, we are well-placed to accelerate growth and value creation.”

 

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