|Traded as||FWB: ALV|
|Key people||Michael Diekmann (CEO)
Henning Schulte-Noelle (Chairman of the supervisory board)
Maximilian Zimmerer (CFO)
|Products||Insurance, banking, asset management|
|Revenue||€106.451 billion (2010)|
|Operating income||€8.243 billion (2010)|
|Profit||€5.053 billion (2010)|
|Total assets||€624.95 billion (end 2010)|
|Total equity||€46.56 billion (end 2010)|
|Employees||151,340 (end 2010)|
Allianz Global Investors
Allianz (help·info) SE is a German multinational financial services company headquartered in Munich, Germany. Its core business and focus is insurance. As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.
Its Allianz Global Investors division ranks as a top-five global active investment manager, having €1,443 billion of assets under management (AuM), of which €1,131 billion are third-party assets (as of 2010-09-30), with specialized asset managers including PIMCO (Bonds), RCM (Equities) and Degi (Real estate).
Allianz AG was founded in Berlin on 5 February 1890 by Carl von Thieme (a native of Erfurt, whose father was the director of Thuringia) and Wilhelm von Finck (co-owner of the Merck Finck & Co bank). The first step to become an international company started with the opening of a branch office in London in the late 19th century.
Allianz shifted its headquarters to Munich in 1949. After World War II, global business activities were gradually resumed. Allianz opened an office in Paris in the late 1950s, and a management office for Italy in the 1960s. These expansions were followed in the 1970s by the establishment of business in the United Kingdom, the Netherlands, Spain, Brazil and the United States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the purchase of a stake in Riunione Adriatica di Sicurità (RAS), Milan, strengthened its presence in Western and Southern Europe in the 1980s.
In 1990, Allianz started an expansion into eight Eastern European countries with establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman’s Fund, an insurer in the United States, which was followed by the purchase of Assurances Générales de France (AGF), Paris. These acquisitions were followed by the expansion into Asia with several joint ventures and acquisitions in China and South Korea and the acquisition of Australia's Manufacturers Mutual Insurance. Around this time Allianz expanded its asset management business as well by purchasing for example asset management companies in California.
In April 2001, Allianz agreed to acquire the 80 per cent of Dresdner Bank that it did not already own for US$20 billion. As part of the transaction, Allianz agreed to sell its 13.5 per cent stake in HypoVereinsbank to Munich Re, and to acquire Munich Re's 40 per cent stake in Allianz Leben. Following completion of the acquisition, Allianz and Dresdner Bank combined their asset management activities by forming Allianz Global Investors. In 2002, Michael Diekmann succeeded Henning Schulte-Noelle as CEO of Allianz AG. In June 2006, Allianz announced the layoff of 7,280 employees, about 4 percent of its worldwide work force at the time, as part of a restructuring program aimed at raising profitability. The reductions comprised 5,000 staff at Allianz insurance operations and 2,480 at Dresdner Bank. In the same month, Allianz announced that its Dresdner Kleinwort Wasserstein investment banking operation would be renamed as simply Dresdner Kleinwort.
In September 2005, Allianz announced that it would convert its holding company into a European Company (Societas Europaea), becoming one of the first major companies to do so. The conversion was made in conjunction with Allianz's acquisition of 100 per cent control of its principal Italian subsidiary Riunione Adriatica di Sicurtà (RAS) for around US$7 billion. The conversion to an SE was completed on 13 October 2006. The Allianz Group also simplified its brand strategy from 2006 and their previous emblem was replaced by the current word-picture brand.
On 31 August 2008, it was announced that Allianz had agreed to sell 60.2 per cent of Dresdner Bank to Commerzbank for €9.8 billion (US$14.4 billion), with an agreement that Commerzbank would acquire the remainder of Dresdner Bank by the end of 2009. After renegotiations, it was announced in November 2008 that Commerzbank would acquire the 100% ownership of Dresdner Bank earlier (12 January 2009). The sale price was lowered to 5.5 billion Euro. Shortly after the transaction completed, Commerzbank was partially nationalized by the German government to save it from bankruptcy. Allianz currently retains a stake of around 14% in Commerzbank.
Allianz has operations in over 70 countries and has around 180,000 employees. The parent company, Allianz SE, is headquartered in Munich, Germany. Allianz has more than 76 million customers worldwide and its services include property and casualty insurance, life and health insurance and asset management.
Allianz Australia Insurance Limited operates throughout Australia and New Zealand and through its subsidiaries offers a range of insurance and risk management products and services. Subsidiaries of Allianz Australia include Club Marine, Allianz Life and Hunter Premium Funding.
Allianz operates through Allianz Belgium, previously AGF Belgium which has been re-branded to Allianz Belgium on 29 November 2007.
Allianz Bank Bulgaria is a universal commercial bank having its headquarters in Sofia. It was established in 1997. On October 13, 2003 the bank received the name of its principal shareholder – Allianz Bulgaria Holding. Before that the bank was named ‘Bulgaria Invest’ Commercial Bank. Allianz Bank Bulgaria offers its products in more than hundred branches and offices all over the country, as well as through the broad agents’ network of Allianz Bulgaria Holding.
The bank possesses a full banking license for carrying out banking and financial transactions.
Allianz put a sudden halt to its Canadian P&C operation Allianz Canada (market share 2%) in 2004 after several years of unfavorable business results. Allianz originally entered the Canadian market in the early 1990s through an acquisition of several North American insurers, namely the American Firemans Fund and the Canadian Surety. Upon the market exit the personal and commercial lines unit was sold off to the market leader ING Canada (Now Intact), whereas its industrial underwriting branch was bought by Allianz US, which has retained the Toronto office.
Allianz offers a wide range of general, life and health insurance products in Germany through its Allianz Deutschland AG subsidiary. It is the market leader in both the general and life insurance markets.
In India Allianz primarily operates through Bajaj Allianz General Insurance Company Limited, a joint venture between Allianz and Bajaj Finserv Limited.
Bajaj Allianz has around 1,200 branches across India and offers services including unit-linked, traditional, health, child and pension policies.
Allianz started its operations in Indonesia with a representative office in 1981. In 1989, Allianz established PT Asuransi Allianz Utama Indonesia, a general insurance company. Furthermore, Allianz entered the Indonesian life insurance market by opening PT Asuransi Allianz Life Indonesia in 1996.
In Pakistan Allianz primarily operates through EFU Allianz Health Insurance Company Limited, a joint venture between Allianz and Eastern Fedral Union.
Allianz started its life and Property & Casualty (P&C) operation in Slovakia in 1993 but the local subsidiary was never able to achieve a relevant market share. In 2001 Allianz AG bought the majority ownership in then state-owned Slovenská poisťovňa (SP, Slovak Insurance Company), at the time suffering from political mismanagement, asset-stripping and deep under-reserving. SP however held a market share of well over 50%, which had made it an attractive privatization target, where Allianz had to compete with such insurers as AXA or Aegon. Upon the purchase the local Allianz operation was merged with SP creating a new company Allianz - Slovenská poisťovňa. Its combined market share (life and P&C) presently stands at just below 40% (about 50% in P&C business), still making it by far the market leader.
Allianz owns British insurance company Cornhill Insurance plc, subsequently renamed Allianz Cornhill Insurance plc. This then simply became Allianz Insurance plc on 30 April 2007 to directly reflect its continental parentage. It also owns the high-net-worth insurance broker Home and Legacy. Their IT captive unit in India Allianz Cornhill IT Services plc is located at Technopark, Trivandrum in Kerala.
Allianz previously owned Kleinwort Benson, which it inherited when it acquired Dresdner Bank. The investment bank has subsequently been merged with the corporate bank of Dresdner Bank and rebranded as Dresdner Kleinwort.
Allianz has a growing prevalence within the United States, notably Allianz Life Insurance Company of North America and Allianz Global Corporate & Specialty and Fireman's Fund. Allianz Life Insurance Company of North America employs close to 2,000 employees. Allianz's investment arm, Allianz Global Investors (AGI), owns Pacific Investment Management Company, commonly called PIMCO on the fixed income side as well as RCM Capital Management and NFJ on the equities side.
CEOs to date:
- 2003 — Present : Michael Diekmann
- 1991 — 2003: Henning Schulte-Noelle
Allianz provided naming rights for the Allianz Arena, a football stadium in the north of Munich, Germany. The two professional Munich football clubs Bayern Munich and TSV 1860 München have played their home games at Allianz Arena since the start of the 2005–06 season. Both clubs had previously played their home games at the Munich Olympic Stadium; Bayern Munich since 1972 and 1860 München since the 1990s. Too the stadium of Palmeiras, Palestra Itália.
Allianz owned the Polish football team Gornik Zabrze but sold its shares in the club in April 2011.
Allianz had been in negotiations with the New York Jets and the Giants to buy naming rights to the New Meadowlands Stadium (now known as MetLife Stadium) in East Rutherford, NJ, but those talks ended due to opposition from Jewish groups and Holocaust survivors.
In early 2009, Allianz signed an agreement to become the Global Partner of the St. Andrews Links Trust.
In early 2012, Allianz entered an agreement with the Sydney Cricket & Sports Ground Trust which oversaw the Sydney Football Stadium being renamed Allianz Stadium. As part of the deal, some of the seats were replaced to read Allianz as well as the future installation of external dramatic lighting.
2012 also saw Allianz partner up with Saracens to be their main shirt sponsor as well as securing an £8m deal for naming rights to their new Barnet Copthall home to be called Allianz Park.
||This section needs additional citations for verification. (January 2009)|
In 1993 Henning Schulte-Noelle commissioned a new Archive for Corporate History, becoming the first Allianz CEO to address the company's activities during the Third Reich. The Archive opened in 1996. In 1997 Schulte-Noelle asked Gerald Feldman, historian from the University of California-Berkeley, if he would undertake a larger research project on Allianz's past involvement with the Third Reich. Feldman started the research in 1998 with a team of young historians. A few months later, Jewish World War II survivors and their descendants took Allianz and other European insurance companies to court, accusing them of unpaid insurance policies. Allianz and four other insurers supported the creation of the "International Commission on Holocaust Era Insurance Claims" (ICHEIC). Furthermore, Allianz became a founding member of the German Foundation "Remembrance, Responsibility and Future". Both organizations took care of payments for the victims.[disputed ] Feldman published the comprehensive results of his research in September 2001. Based on these results Allianz established an exhibition in the Archive for Corporate History and on the Internet.
The research concluded that Allianz, as an organization and through its corporate officers, was forced to comply with the Nazi Regime and the Third Reich, starting as early as the early 1930s and continuing all the way through to the collapse of the Third Reich.
Among the more notable examples:
Allianz managers held senior positions in the administration of national socialist Germany. Kurt Schmitt, director general of Allianz until 1933, was Hitler’s Reich Economics Minister from June 1933 until January 1935. He became a member of both the Nazi Party and the SS in 1933, rising to the rank of Brigadeführer, which is a one-star general in the SS. Eduard Hilgard, member of the board of Allianz, became head of the "Reich Group for Insurance" in 1934. He represented the insurance industry in a conference summoned by Hermann Göring after the November Pogrom of 1938. Hilgard reported on the material damages caused during the Kristallnacht Pogrom and the estimated amounts of money insurance companies had to cover.
Feldman summarized his findings stating: "It was just one more piece of business in the Third Reich, but it demonstrated that such pieces on any large scale made contact at some point with all that is represented by the name “Auschwitz” – from slave labor to extermination – virtually inescapable.“
- "Annual Report 2010" (PDF). Allianz. Retrieved 22 April 2011.
- Allianz note to shareholders confirming conversion to SE
- "The Global 2000: 1–100". Forbes. 21 April 2010. Retrieved 9 May 2011.
- AFX-News: Allianz jumps after Dresdner deal sealed
- "Allianz Says It Will Acquire Dresdner Bank for $20 Billion". The New York Times. 2 April 2001. Retrieved 28 May 2012.
- "Allianz to Lay Off 7,280 in Germany". The New York Times. 22 June 2006. Retrieved 28 May 2012.
- "Allianz Plans Buy Out of AGF Minority Shares; German Life Minorities". Insurance Journal. 18 January 2007. Retrieved 28 May 2012.
- "Allianz Logo: Design and History". Famouslogos.us. Retrieved 2011-07-29.
- "Commerzbank paying Allianz €9.8 billion for Dresdner Bank". The New York Times. 31 August 2008. Retrieved 28 May 2012.
- "Jets-Giants end naming rights talk with Allianz - NFL - SI.com". Retrieved 2008-09-12.[dead link]
- Gerald D. Feldman: "Allianz and the German Insurance Business, 1933-1945", Cambridge University Press, 2001
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